Cobblestone Capital Advisors LLC NY Cuts Stake in Wells Fargo & Company (NYSE:WFC)

Key Points

• Cobblestone Capital Advisors LLC NY reduced its stake in Wells Fargo & Company by 4.5% in the first quarter, now holding 272,452 shares valued at approximately $19.56 million.
• Wells Fargo has initiated a $40 billion stock buyback program, allowing for up to 17.2% of its outstanding shares to be repurchased, indicating management's belief that the stock is undervalued.
• The company has raised its quarterly dividend from $0.40 to $0.45 per share, reflecting a positive change and an annualized dividend yield of 2.3%.

Cobblestone Capital Advisors LLC NY lowered its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 272,452 shares of the financial services provider's stock after selling 12,986 shares during the quarter. Wells Fargo & Company makes up approximately 1.1% of Cobblestone Capital Advisors LLC NY's portfolio, making the stock its 25th biggest position. Cobblestone Capital Advisors LLC NY's holdings in Wells Fargo & Company were worth $19,559,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Accretive Wealth Partners LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $399,000. Secured Retirement Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $408,000. RKL Wealth Management LLC boosted its stake in shares of Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after purchasing an additional 5,113 shares during the period. Allianz SE boosted its stake in shares of Wells Fargo & Company by 22.6% during the first quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock valued at $15,244,000 after purchasing an additional 39,150 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Wells Fargo & Company by 12.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock valued at $45,783,000 after purchasing an additional 70,104 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

WFC opened at $77.78 on Friday. The stock has a 50-day moving average price of $78.92 and a 200-day moving average price of $74.95. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market cap of $249.16 billion, a PE ratio of 13.32, a P/E/G ratio of 1.21 and a beta of 1.20. Wells Fargo & Company has a 1 year low of $50.22 and a 1 year high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the company earned $1.33 EPS. Sell-side analysts predict 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 stock buyback 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 buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company's dividend payout ratio is presently 27.40%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Barclays decreased their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Truist Financial increased their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $80.39.

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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