4,518 Shares in Wells Fargo & Company (NYSE:WFC) Bought by Caliber Wealth Management LLC KS

Key Points

• Caliber Wealth Management LLC KS invested approximately $324,000 in Wells Fargo & Company, acquiring 4,518 shares of the financial services provider in the first quarter.
• Wells Fargo reported earnings of $1.54 EPS for the latest quarter, surpassing analysts' expectations of $1.41 EPS, with revenue close to consensus estimates at $20.82 billion.
• The company's board authorized a $40 billion stock buyback program, indicating a belief that the stock is undervalued and allowing for repurchase of up to 17.2% of its shares.

Caliber Wealth Management LLC KS bought a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,518 shares of the financial services provider's stock, valued at approximately $324,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Investment Counsel Co. of Nevada acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. BNP Paribas acquired a new position in Wells Fargo & Company in the 4th quarter worth about $28,000. Parvin Asset Management LLC acquired a new position in Wells Fargo & Company in the 4th quarter worth about $32,000. Dunhill Financial LLC grew its holdings in Wells Fargo & Company by 63.7% in the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 193 shares during the period. Finally, Orion Capital Management LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $35,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Down 1.5%

Shares of NYSE WFC traded down $1.29 during midday trading on Monday, reaching $83.03. 10,625,988 shares of the stock were exchanged, compared to its average volume of 17,680,338. The company has a 50 day simple moving average of $77.86 and a 200 day simple moving average of $74.63. The stock has a market capitalization of $270.19 billion, a P/E ratio of 14.22, a PEG ratio of 1.31 and a beta of 1.16. 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 twelve month low of $50.15 and a twelve month high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business's revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.33 EPS. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

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

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 1.93%. Wells Fargo & Company's dividend payout ratio is currently 27.40%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WFC. Truist Financial increased 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. The Goldman Sachs Group reduced their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.39.

About Wells Fargo & Company

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.