BigSur Wealth Management LLC Invests $542,000 in Wells Fargo & Company (NYSE:WFC)

BigSur Wealth Management LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 7,550 shares of the financial services provider's stock, valued at approximately $542,000.

Several other large investors also recently made changes to their positions in WFC. New England Research & Management Inc. raised its holdings in shares of Wells Fargo & Company by 10.5% in the 1st quarter. New England Research & Management Inc. now owns 10,610 shares of the financial services provider's stock worth $762,000 after buying an additional 1,005 shares in the last quarter. CVA Family Office LLC boosted its position in shares of Wells Fargo & Company by 10.1% in the 1st quarter. CVA Family Office LLC now owns 6,571 shares of the financial services provider's stock worth $472,000 after purchasing an additional 602 shares during the last quarter. Elevation Point Wealth Partners LLC lifted its holdings in Wells Fargo & Company by 16.3% during the first quarter. Elevation Point Wealth Partners LLC now owns 33,210 shares of the financial services provider's stock worth $2,384,000 after acquiring an additional 4,643 shares in the last quarter. West Branch Capital LLC lifted its holdings in shares of Wells Fargo & Company by 28.5% in the first quarter. West Branch Capital LLC now owns 22,091 shares of the financial services provider's stock valued at $1,586,000 after purchasing an additional 4,904 shares in the last quarter. Finally, Opinicus Capital Inc. acquired a new stake in shares of Wells Fargo & Company in the first quarter valued at about $667,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded down $1.70 during trading hours on Friday, hitting $72.31. The company's stock had a trading volume of 21,164,035 shares, compared to its average volume of 17,503,719. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The stock has a market cap of $235.31 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The company has a 50 day moving average of $71.42 and a 200 day moving average of $72.90.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 earnings per share. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is currently 28.73%.

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on WFC. Bank of America lifted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. 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 report on Monday, April 14th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Truist Financial decreased their price target on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, TD Cowen initiated coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $77.68.

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.