Barnes Wealth Management Group Inc Makes New Investment in Wells Fargo & Company $WFC

Key Points

• Barnes Wealth Management Group Inc has made a new investment in Wells Fargo & Company by buying 3,944 shares valued at approximately $283,000.
• Wells Fargo recently reported earnings of $1.54 per share, exceeding analysts' expectations, while also announcing a $40 billion share repurchase plan to buy back 17.2% of its shares.
• The company has increased its quarterly dividend from $0.40 to $0.45, which results in an annualized yield of 2.3% for investors.

Barnes Wealth Management Group Inc bought a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,944 shares of the financial services provider's stock, valued at approximately $283,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Safeguard Investment Advisory Group LLC increased its position in Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after purchasing an additional 137 shares during the period. Summit Wealth & Retirement Planning Inc. increased its position in Wells Fargo & Company by 4.3% during the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock worth $241,000 after purchasing an additional 139 shares during the period. Nwam LLC increased its position in Wells Fargo & Company by 1.6% during the 1st quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock worth $632,000 after purchasing an additional 142 shares during the period. PGIM Custom Harvest LLC increased its position in Wells Fargo & Company by 3.5% during the 1st quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider's stock worth $303,000 after purchasing an additional 142 shares during the period. Finally, Tradition Wealth Management LLC increased its position in Wells Fargo & Company by 0.5% during the 1st quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider's stock worth $2,184,000 after purchasing an additional 143 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

WFC stock opened at $77.7560 on Friday. Wells Fargo & Company has a 1 year low of $50.22 and a 1 year high of $84.83. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The stock's 50 day moving average price is $79.42 and its 200 day moving average price is $74.97. The firm has a market cap of $249.09 billion, a P/E ratio of 13.31, a PEG ratio of 1.22 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the company earned $1.33 EPS. Wells Fargo & Company's revenue was up .6% on a year-over-year basis. On average, sell-side analysts expect 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 repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on WFC. Truist Financial boosted their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Wall Street Zen cut Wells Fargo & Company from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, TD Cowen started coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price target on the stock. Eleven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.58.

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.

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