Crossmark Global Holdings Inc. Grows Position in Wells Fargo & Company (NYSE:WFC)

Crossmark Global Holdings Inc. grew its stake in shares of Wells Fargo & Company (NYSE:WFC) by 54.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 472,650 shares of the financial services provider's stock after buying an additional 167,312 shares during the period. Wells Fargo & Company accounts for 0.6% of Crossmark Global Holdings Inc.'s investment portfolio, making the stock its 26th biggest position. Crossmark Global Holdings Inc.'s holdings in Wells Fargo & Company were worth $33,932,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Shakespeare Wealth Management LLC grew its position in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock worth $972,000 after purchasing an additional 130 shares in the last quarter. Safeguard Investment Advisory Group LLC boosted its position in shares of Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after acquiring an additional 137 shares in the last quarter. Jaffetilchin Investment Partners LLC boosted its position in shares of Wells Fargo & Company by 0.6% during the 4th quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock worth $1,580,000 after acquiring an additional 144 shares in the last quarter. TCTC Holdings LLC boosted its position in shares of Wells Fargo & Company by 2.1% during the 4th quarter. TCTC Holdings LLC now owns 7,525 shares of the financial services provider's stock worth $529,000 after acquiring an additional 152 shares in the last quarter. Finally, Highline Wealth Partners LLC boosted its position in shares of Wells Fargo & Company by 1.1% during the 1st quarter. Highline Wealth Partners LLC now owns 13,815 shares of the financial services provider's stock worth $992,000 after acquiring an additional 156 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 1.2%

Wells Fargo & Company stock opened at $83.32 on Monday. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $83.95. The firm has a market capitalization of $271.12 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 1.40 and a beta of 1.16. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a 50 day simple moving average of $75.34 and a 200 day simple moving average of $73.50.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The firm's revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 EPS. On average, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its Board of Directors has authorized a stock buyback plan on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 1.92%. Wells Fargo & Company's payout ratio is currently 28.73%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. reduced 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 report on Thursday, April 3rd. Piper Sandler reiterated an "overweight" rating and set a $85.00 price target (up previously from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. The Goldman Sachs Group increased their price target on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Evercore ISI increased their price target on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. 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 target on the stock in a research report on Thursday, March 13th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $78.33.

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.

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