61,824 Shares in Wells Fargo & Company (NYSE:WFC) Acquired by Balance Wealth LLC

Balance Wealth LLC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 61,824 shares of the financial services provider's stock, valued at approximately $4,438,000. Wells Fargo & Company makes up approximately 2.9% of Balance Wealth LLC's holdings, making the stock its 7th largest position.

Other large investors have also added to or reduced their stakes in the company. Ironwood Wealth Management LLC. purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth $221,000. Brighton Jones LLC raised its position in 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 worth $4,652,000 after buying an additional 25,436 shares during the last quarter. Wealthspire Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 11.9% during the 4th quarter. Wealthspire Advisors LLC now owns 23,611 shares of the financial services provider's stock valued at $1,658,000 after acquiring an additional 2,507 shares during the last quarter. MONECO Advisors LLC grew its stake in shares of Wells Fargo & Company by 1.9% in the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock worth $493,000 after acquiring an additional 134 shares during the period. Finally, Crestwood Advisors Group LLC lifted its holdings in shares of Wells Fargo & Company by 8.8% during the 4th quarter. Crestwood Advisors Group LLC now owns 40,277 shares of the financial services provider's stock valued at $2,829,000 after buying an additional 3,260 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

WFC opened at $78.12 on Wednesday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a market capitalization of $254.22 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 1.29 and a beta of 1.16. The company has a fifty day moving average of $72.97 and a 200 day moving average of $72.91. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data 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. 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 during the quarter, compared to analyst estimates of $20.82 billion. During the same quarter last year, the business posted $1.20 earnings per share. The business's quarterly revenue was down 3.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company announced that its board has initiated a share buyback plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on WFC shares. Bank of America upped their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Barclays reduced their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Evercore ISI boosted their price objective on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wells Fargo & Company in a report on Wednesday, June 18th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target 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.

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.