Alteri Wealth LLC Boosts Stock Position in Wells Fargo & Company (NYSE:WFC)

Key Points

• Alteri Wealth LLC increased its holdings in Wells Fargo by 68.4% in Q1, acquiring an additional 5,053 shares, bringing its total to 12,439 shares worth approximately $893,000.
• Wells Fargo's recent earnings report showed earnings per share of $1.54, exceeding the expected $1.41, with revenues reported at $20.82 billion.
• The company approved a $40 billion stock buyback program, allowing the repurchase of up to 17.2% of its stock, indicating the board's belief that the stock is undervalued.

Alteri Wealth LLC boosted its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 68.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,439 shares of the financial services provider's stock after purchasing an additional 5,053 shares during the quarter. Alteri Wealth LLC's holdings in Wells Fargo & Company were worth $893,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Accretive Wealth Partners LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter valued at $399,000. Secured Retirement Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter valued at $408,000. RKL Wealth Management LLC boosted its position in shares of Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after buying an additional 5,113 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Wells Fargo & Company by 12.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock valued at $45,783,000 after buying an additional 70,104 shares during the last quarter. Finally, Silver Oak Securities Incorporated purchased a new stake in shares of Wells Fargo & Company during the first quarter valued at $215,000. Institutional investors own 75.90% of the company's stock.

Analysts Set New Price Targets

WFC has been the topic of several recent analyst reports. Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Wall Street Zen cut Wells Fargo & Company from a "hold" rating to a "sell" rating in a research report on Saturday. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. 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 report on Wednesday, June 4th. Finally, Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $80.39.

Wells Fargo & Company Price Performance

NYSE:WFC traded down $1.29 during trading hours on Monday, reaching $83.03. The stock had a trading volume of 10,625,988 shares, compared to its average volume of 19,290,604. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $84.83. The company has a 50 day moving average price of $78.00 and a two-hundred day moving average price of $74.72. The stock has a market capitalization of $270.19 billion, a PE ratio of 14.22, a PEG ratio of 1.31 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion for 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%. The company's revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 EPS. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced 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 1.93%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 27.40%.

Wells Fargo & Company declared that its board has authorized a stock buyback 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 an indication that the company's board believes its stock is 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.