Brookstone Capital Management Purchases 22,954 Shares of Wells Fargo & Company (NYSE:WFC)

Brookstone Capital Management grew its stake 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 fund owned 40,630 shares of the financial services provider's stock after buying an additional 22,954 shares during the period. Brookstone Capital Management's holdings in Wells Fargo & Company were worth $2,917,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $28,000. BNP Paribas bought a new position in Wells Fargo & Company during the 4th quarter valued at approximately $28,000. Rakuten Securities Inc. boosted its stake in shares of Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after buying an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC bought a new stake in Wells Fargo & Company during the fourth quarter valued at about $32,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 0.2%

Shares of Wells Fargo & Company stock traded up $0.16 during trading on Wednesday, reaching $81.75. 12,052,226 shares of the stock were exchanged, compared to its average volume of 17,388,793. The firm has a market cap of $266.03 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.38 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock's fifty day moving average is $75.81 and its 200 day moving average is $73.64. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $83.95.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.16. The firm 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 16.19% and a return on equity of 12.15%. The company's revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 EPS. As a group, equities research 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 of Directors has initiated a share repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price for the company. Bank of America raised their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Royal Bank Of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a research note on Thursday, March 13th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $86.00 price target on shares of Wells Fargo & Company in a research note on Tuesday. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Eight equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.98.

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.