AMG National Trust Bank Boosts Stock Position in Wells Fargo & Company (NYSE:WFC)

AMG National Trust Bank increased its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 28.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,925 shares of the financial services provider's stock after acquiring an additional 3,771 shares during the quarter. AMG National Trust Bank's holdings in Wells Fargo & Company were worth $1,215,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth $28,000. BNP Paribas bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. Parvin Asset Management LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $32,000. Dunhill Financial LLC lifted its position in shares of Wells Fargo & Company by 63.7% in the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after buying an additional 193 shares in the last quarter. Finally, Orion Capital Management LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $35,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

WFC opened at $80.64 on Friday. The firm has a market capitalization of $262.42 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.34 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 0.84. The business's 50-day moving average is $77.14 and its two-hundred day moving average is $74.21. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $83.95.

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

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

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 1.98%. Wells Fargo & Company's payout ratio is presently 27.40%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on WFC shares. Morgan Stanley upped 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 report on Wednesday, June 4th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Truist Financial lifted their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday. Finally, The Goldman Sachs Group lowered their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research report on Wednesday. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus target price of $80.39.

About Wells Fargo & Company

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.

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