Beta Wealth Group Inc. Takes Position in Wells Fargo & Company (NYSE:WFC)

Key Points

• Beta Wealth Group Inc. recently invested $337,000 in Wells Fargo by acquiring 4,700 shares, showcasing strong interest from institutional investors in the financial services company.
• Wells Fargo's stock is currently trading at $77.80, reflecting a 3.5% decline, while the company has reported a net margin of 16.82% for the last quarter.
• The company has increased its quarterly dividend from $0.40 to $0.45 per share, reflecting growing confidence in its financial health, with a projected annualized dividend yield of 2.3%.

Beta Wealth Group Inc. acquired a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,700 shares of the financial services provider's stock, valued at approximately $337,000.

Other large investors have also modified their holdings of the company. Brighton Jones LLC lifted its holdings in shares of Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after purchasing an additional 25,436 shares during the period. Resona Asset Management Co. Ltd. acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $70,999,000. Oarsman Capital Inc. lifted its holdings in Wells Fargo & Company by 1.7% in the fourth quarter. Oarsman Capital Inc. now owns 38,409 shares of the financial services provider's stock valued at $2,698,000 after acquiring an additional 640 shares during the period. Mizuho Bank Ltd. acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $69,000. Finally, Perennial Investment Advisors LLC increased its position in shares of Wells Fargo & Company by 1.9% in the fourth quarter. Perennial Investment Advisors LLC now owns 9,368 shares of the financial services provider's stock valued at $658,000 after buying an additional 176 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Down 0.9%

WFC stock traded down $0.73 during midday trading on Tuesday, hitting $76.85. 2,888,485 shares of the company's stock were exchanged, compared to its average volume of 17,465,594. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $250.07 billion, a price-to-earnings ratio of 13.13, a price-to-earnings-growth ratio of 1.21 and a beta of 1.20. The firm has a 50 day moving average price of $78.65 and a 200-day moving average price of $74.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion during 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 firm's revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business earned $1.33 EPS. On average, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

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

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a dividend of $0.45 per share. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date is Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. Wells Fargo & Company's payout ratio is presently 30.82%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on WFC. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Barclays dropped their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Bank of America lifted their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Finally, Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $80.39.

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.