CHURCHILL MANAGEMENT Corp Acquires New Shares in Wells Fargo & Company (NYSE:WFC)

CHURCHILL MANAGEMENT Corp bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 250,986 shares of the financial services provider's stock, valued at approximately $18,018,000.

Several other institutional investors have also recently made changes to their positions in the stock. Modera Wealth Management LLC raised its stake in shares of Wells Fargo & Company by 14.1% during the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock valued at $1,444,000 after purchasing an additional 2,548 shares during the period. Cornerstone Advisors LLC boosted its stake in Wells Fargo & Company by 2.1% in the 4th quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider's stock worth $14,343,000 after purchasing an additional 4,200 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Wells Fargo & Company by 12.1% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock valued at $45,783,000 after buying an additional 70,104 shares in the last quarter. Marble Harbor Investment Counsel LLC increased its position in shares of Wells Fargo & Company by 4.2% during the fourth quarter. Marble Harbor Investment Counsel LLC now owns 130,504 shares of the financial services provider's stock valued at $9,167,000 after buying an additional 5,215 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Wells Fargo & Company by 12.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,150,595 shares of the financial services provider's stock worth $80,818,000 after buying an additional 122,899 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Up 0.8%

NYSE WFC opened at $80.17 on Tuesday. 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 50-day simple moving average is $74.20 and its two-hundred day simple moving average is $73.15. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a market capitalization of $260.89 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 1.33 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. Wells Fargo & Company's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.20 EPS. Research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its Board of Directors has initiated a share buyback plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board 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. Shareholders of record on Friday, May 9th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on WFC. Bank of America raised their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Truist Financial lowered their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. The Goldman Sachs Group raised their price target on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and a consensus target price of $77.98.

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.

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