Opinicus Capital Inc. Invests $667,000 in Wells Fargo & Company (NYSE:WFC)

Opinicus Capital Inc. acquired a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 9,287 shares of the financial services provider's stock, valued at approximately $667,000.

Other hedge funds have also bought and sold shares of the company. Spinnaker Trust grew its holdings in shares of Wells Fargo & Company by 1.8% during the fourth quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock worth $520,000 after purchasing an additional 130 shares during the last quarter. Shakespeare Wealth Management LLC raised its position in shares of Wells Fargo & Company by 0.9% during the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock worth $972,000 after purchasing an additional 130 shares during the period. MONECO Advisors LLC raised its position in shares of Wells Fargo & Company by 1.9% during the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock worth $493,000 after purchasing an additional 134 shares during the period. Safeguard Investment Advisory Group LLC raised its position in Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock valued at $410,000 after buying an additional 137 shares during the last quarter. Finally, Crown Wealth Group LLC raised its position in Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock valued at $467,000 after buying an additional 140 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on WFC shares. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target for the company in a research note on Thursday, March 13th. Evercore ISI upped their price objective on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Raymond James decreased their price target on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a research note on Monday, April 14th. Morgan Stanley raised their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Finally, TD Cowen initiated coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average price target of $77.68.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded down $1.70 during mid-day trading on Friday, hitting $72.31. The stock had a trading volume of 21,164,035 shares, compared to its average volume of 17,495,157. The company has a 50 day moving average of $71.22 and a two-hundred day moving average of $72.97. The firm has a market cap of $235.31 billion, a PE ratio of 13.44, a PEG ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS 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 analysts' expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company's quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the firm earned $1.20 EPS. Research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's payout ratio is presently 28.73%.

Wells Fargo & Company declared that its board has approved a stock buyback program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Wells Fargo & Company 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.