Brookstone Capital Management Grows Stock Position in Wells Fargo & Company (NYSE:WFC)

Brookstone Capital Management lifted its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 129.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 40,630 shares of the financial services provider's stock after buying an additional 22,954 shares during the quarter. Brookstone Capital Management's holdings in Wells Fargo & Company were worth $2,917,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Norges Bank acquired a new position in Wells Fargo & Company in the 4th quarter valued at $3,365,658,000. Capital Research Global Investors raised its stake in Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after purchasing an additional 14,210,193 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Wells Fargo & Company by 7,887.9% in the 1st quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock valued at $243,589,000 after buying an additional 3,350,605 shares in the last quarter. Northern Trust Corp raised its position in shares of Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after buying an additional 3,307,855 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $198,801,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Down 1.6%

Shares of WFC stock traded down $1.32 during trading hours on Monday, hitting $82.28. 5,312,901 shares of the company were exchanged, compared to its average volume of 17,337,114. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $267.74 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.40 and a beta of 1.16. The company has a 50 day simple moving average of $75.34 and a two-hundred day simple moving average of $73.50. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $83.95.

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 the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The company had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same period last year, the business posted $1.20 EPS. The firm's revenue for the quarter was down 3.4% compared to the same quarter last year. Equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wells Fargo & Company announced that its board has approved a stock buyback plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Piper Sandler restated an "overweight" rating and set a $85.00 price objective (up from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Truist Financial lowered their target price on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Evercore ISI boosted their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Barclays lowered their price objective on shares of 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. Finally, Citigroup upped their price objective on shares of Wells Fargo & Company from $78.00 to $85.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Eight investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $78.33.

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.