Castlekeep Investment Advisors LLC Purchases Shares of 39,896 Wells Fargo & Company (NYSE:WFC)

Castlekeep Investment Advisors LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 39,896 shares of the financial services provider's stock, valued at approximately $2,802,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter worth $26,000. Investment Counsel Co. of Nevada bought a new position in Wells Fargo & Company in the 4th quarter valued at about $28,000. BNP Paribas acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $28,000. Rakuten Securities Inc. lifted its holdings in shares of Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after acquiring an additional 237 shares during the period. Finally, McClarren Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $30,000. Institutional investors own 75.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on WFC. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Citigroup decreased their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Truist Financial dropped their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a report on Monday, April 14th. Raymond James reduced their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a research note on Monday, April 14th. Finally, Royal Bank of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a research report on Thursday, March 13th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus target price of $75.73.

Wells Fargo & Company Trading Up 1.5%

Shares of NYSE WFC traded up $1.10 during midday trading on Tuesday, reaching $73.93. The stock had a trading volume of 11,006,878 shares, compared to its average volume of 17,465,143. The firm has a market cap of $240.58 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The company's 50 day moving average price is $70.01 and its 200 day moving average price is $72.86.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 earnings per share. As a group, sell-side analysts expect 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 will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company's dividend payout ratio is 28.73%.

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

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.