3Chopt Investment Partners LLC Boosts Stake in Wells Fargo & Company (NYSE:WFC)

3Chopt Investment Partners LLC grew its stake in shares of Wells Fargo & Company (NYSE:WFC) by 7.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 51,290 shares of the financial services provider's stock after buying an additional 3,568 shares during the quarter. Wells Fargo & Company accounts for 1.0% of 3Chopt Investment Partners LLC's investment portfolio, making the stock its 21st biggest position. 3Chopt Investment Partners LLC's holdings in Wells Fargo & Company were worth $3,682,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Modera Wealth Management LLC raised its position in shares of Wells Fargo & Company by 14.1% during the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock valued at $1,444,000 after buying an additional 2,548 shares in the last quarter. Cornerstone Advisors LLC raised its position in Wells Fargo & Company by 2.1% in the 4th quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider's stock worth $14,343,000 after purchasing an additional 4,200 shares during the period. Metis Global Partners LLC raised its position in Wells Fargo & Company by 4.0% in the 4th quarter. Metis Global Partners LLC now owns 172,335 shares of the financial services provider's stock worth $12,105,000 after purchasing an additional 6,668 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Wells Fargo & Company by 12.1% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock worth $45,783,000 after purchasing an additional 70,104 shares during the period. Finally, Marble Harbor Investment Counsel LLC raised its position in Wells Fargo & Company by 4.2% in the 4th quarter. Marble Harbor Investment Counsel LLC now owns 130,504 shares of the financial services provider's stock worth $9,167,000 after purchasing an additional 5,215 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Down 0.7%

Shares of WFC opened at $79.42 on Friday. The firm's 50-day moving average price is $73.88 and its 200-day moving average price is $73.06. The firm has a market capitalization of $258.44 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 1.34 and a beta of 1.16. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The company's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.20 EPS. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its Board of Directors has authorized a share repurchase plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is 28.73%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on WFC shares. Truist Financial decreased their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. TD Cowen started coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price on the stock. Piper Sandler reiterated an "overweight" rating and issued a $85.00 target price (up previously from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Barclays decreased their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Finally, The Goldman Sachs Group lifted their target price on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $77.98.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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