5,430 Shares in Wells Fargo & Company (NYSE:WFC) Bought by Accretive Wealth Partners LLC

Key Points

• Accretive Wealth Partners LLC has acquired a new position in Wells Fargo & Company, purchasing 5,430 shares valued at approximately $399,000 during the first quarter of the year.
• Wells Fargo reported a quarterly earnings per share of $1.54, exceeding the consensus estimate of $1.41, with total revenue reaching $20.82 billion.
• The company recently initiated a $40 billion stock repurchase plan, signaling potential confidence in its stock value and an aim to buy back up to 17.2% of its shares.

Accretive Wealth Partners LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,430 shares of the financial services provider's stock, valued at approximately $399,000.

Several other large investors also recently bought and sold shares of the business. Capital Research Global Investors boosted its stake in Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after buying an additional 14,210,193 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Wells Fargo & Company by 277.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after buying an additional 7,894,919 shares during the period. GAMMA Investing LLC boosted its stake in Wells Fargo & Company by 7,887.9% during the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock worth $243,589,000 after buying an additional 3,350,605 shares during the period. Northern Trust Corp boosted its stake in Wells Fargo & Company by 10.7% during the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after buying an additional 3,307,855 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Wells Fargo & Company during the fourth quarter worth $198,801,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $84.25 on Friday. The company has a market cap of $274.15 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.30 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The stock has a 50-day moving average of $77.86 and a two-hundred day moving average of $74.59. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. Wells Fargo & Company's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 EPS. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's payout ratio is presently 27.40%.

Wells Fargo & Company declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have commented on WFC shares. TD Cowen started coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective for the company. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $80.39.

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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.