Apella Capital LLC Purchases 3,474 Shares of Wells Fargo & Company (NYSE:WFC)

Apella Capital LLC lifted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 12.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,011 shares of the financial services provider's stock after purchasing an additional 3,474 shares during the period. Apella Capital LLC's holdings in Wells Fargo & Company were worth $2,057,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of WFC. Rialto Wealth Management LLC bought a new position in Wells Fargo & Company in the fourth quarter valued at about $26,000. Investment Counsel Co. of Nevada bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $28,000. McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $30,000. Finally, Rakuten Securities Inc. lifted its holdings in Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after buying an additional 237 shares during the period. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC traded down $0.50 during mid-day trading on Thursday, hitting $74.88. 20,123,252 shares of the company's stock were exchanged, compared to its average volume of 17,520,928. The stock's 50-day simple moving average is $70.26 and its 200-day simple moving average is $72.94. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market cap of $243.67 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results 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. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 earnings per share. On average, equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

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 issued a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.14%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citigroup dropped their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Barclays decreased their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. TD Cowen started coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price on the stock. Evercore ISI raised their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Truist Financial decreased their target price on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research report on Monday, April 14th. 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $77.48.

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.