Black Cypress Capital Management LLC Has $9.49 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Black Cypress Capital Management LLC reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 17.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 132,176 shares of the financial services provider's stock after selling 27,190 shares during the quarter. Wells Fargo & Company comprises 8.6% of Black Cypress Capital Management LLC's holdings, making the stock its 3rd largest holding. Black Cypress Capital Management LLC's holdings in Wells Fargo & Company were worth $9,489,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Accretive Wealth Partners LLC bought a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $399,000. Secured Retirement Advisors LLC bought a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $408,000. RKL Wealth Management LLC increased its holdings in shares of Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after acquiring an additional 5,113 shares in the last quarter. Allianz SE increased its holdings in shares of Wells Fargo & Company by 22.6% during the first quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock valued at $15,244,000 after acquiring an additional 39,150 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Wells Fargo & Company by 12.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock valued at $45,783,000 after acquiring an additional 70,104 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Up 1.9%

WFC stock opened at $79.41 on Friday. The stock's fifty day simple moving average is $79.20 and its two-hundred day simple moving average is $75.00. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83. The stock has a market cap of $254.37 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.21 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. During the same quarter in the previous year, the firm earned $1.33 earnings per share. The business's revenue was up .6% on a year-over-year basis. Analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its Board of Directors has approved a share repurchase plan on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on WFC shares. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Truist Financial lifted their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, 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. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $80.39.

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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