Burney Co. Buys 75,464 Shares of Wells Fargo & Company (NYSE:WFC)

Burney Co. raised its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 102.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 149,371 shares of the financial services provider's stock after purchasing an additional 75,464 shares during the quarter. Burney Co.'s holdings in Wells Fargo & Company were worth $10,723,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of WFC. Brighton Jones LLC grew its stake in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after purchasing an additional 25,436 shares in the last quarter. Congress Wealth Management LLC DE boosted its stake in shares of Wells Fargo & Company by 17.2% during the 4th quarter. Congress Wealth Management LLC DE now owns 7,452 shares of the financial services provider's stock worth $524,000 after acquiring an additional 1,091 shares during the period. Angeles Investment Advisors LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $228,000. Haverford Trust Co boosted its stake in shares of Wells Fargo & Company by 1.4% during the 4th quarter. Haverford Trust Co now owns 54,319 shares of the financial services provider's stock worth $3,815,000 after acquiring an additional 754 shares during the period. Finally, CoreFirst Bank & Trust bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $346,000. 75.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on WFC shares. Bank of America lifted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Phillip Securities downgraded Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. reduced their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Finally, Morgan Stanley boosted their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $80.39.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock traded up $0.38 during trading on Friday, reaching $84.25. 14,029,983 shares of the company's stock were exchanged, compared to its average volume of 17,730,293. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $84.83. The company has a market cap of $274.15 billion, a P/E ratio of 14.43, a PEG ratio of 1.30 and a beta of 1.16. The firm's 50-day moving average price is $77.70 and its 200 day moving average price is $74.50.

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 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. Wells Fargo & Company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 EPS. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 1.90%. Wells Fargo & Company's payout ratio is 27.40%.

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

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.