True Vision MN LLC Acquires Shares of 4,387 Wells Fargo & Company (NYSE:WFC)

True Vision MN LLC bought a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 4,387 shares of the financial services provider's stock, valued at approximately $315,000.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC increased its holdings in shares of Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Proficio Capital Partners LLC increased its position in Wells Fargo & Company by 53.5% in the 4th quarter. Proficio Capital Partners LLC now owns 9,855 shares of the financial services provider's stock worth $692,000 after purchasing an additional 3,436 shares during the last quarter. Johnson Investment Counsel Inc. increased its position in Wells Fargo & Company by 11.2% in the 4th quarter. Johnson Investment Counsel Inc. now owns 31,567 shares of the financial services provider's stock worth $2,217,000 after purchasing an additional 3,176 shares during the last quarter. Davis R M Inc. boosted its stake in shares of Wells Fargo & Company by 7.4% during the 4th quarter. Davis R M Inc. now owns 9,884 shares of the financial services provider's stock worth $694,000 after acquiring an additional 677 shares in the last quarter. Finally, King Luther Capital Management Corp boosted its stake in shares of Wells Fargo & Company by 0.5% during the 4th quarter. King Luther Capital Management Corp now owns 86,082 shares of the financial services provider's stock worth $6,046,000 after acquiring an additional 402 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WFC has been the subject of a number of recent research reports. Morgan Stanley increased their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday. Finally, Truist Financial raised their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus target price of $78.98.

Wells Fargo & Company Trading Up 0.1%

WFC traded up $0.08 during midday trading on Friday, reaching $82.44. 6,571,196 shares of the company were exchanged, compared to its average volume of 17,386,055. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a one year low of $50.15 and a one year high of $83.95. The stock has a market capitalization of $268.27 billion, a P/E ratio of 14.80, a PEG ratio of 1.37 and a beta of 1.16. The stock's 50-day simple moving average is $76.24 and its 200 day simple moving average is $73.78.

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

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.94%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's payout ratio is 28.73%.

Wells Fargo & Company declared that its board has authorized a stock buyback program 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 programs are generally a sign that the company's leadership believes its shares are undervalued.

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.