Earned Wealth Advisors LLC Acquires 3,515 Shares of Wells Fargo & Company (NYSE:WFC)

Key Points

• Earned Wealth Advisors LLC increased its stake in Wells Fargo & Company by 80.9% during the first quarter, owning 7,861 shares valued at $564,000.
• Wells Fargo recently announced a quarterly dividend increase to $0.45 per share, up from $0.40, representing a 2.3% annual yield.
• The company also approved a $40 billion stock buyback plan, indicating confidence in its current share valuation.

Earned Wealth Advisors LLC raised its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 80.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,861 shares of the financial services provider's stock after purchasing an additional 3,515 shares during the quarter. Earned Wealth Advisors LLC's holdings in Wells Fargo & Company were worth $564,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in WFC. Brighton Jones LLC grew its holdings in shares of Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after buying an additional 25,436 shares during the period. Perennial Investment Advisors LLC raised its holdings in shares of Wells Fargo & Company by 1.9% during the fourth quarter. Perennial Investment Advisors LLC now owns 9,368 shares of the financial services provider's stock worth $658,000 after acquiring an additional 176 shares during the period. Hurley Capital LLC bought a new stake in Wells Fargo & Company in the 4th quarter valued at $43,000. Quadrant Capital Group LLC boosted its stake in Wells Fargo & Company by 0.7% in the 4th quarter. Quadrant Capital Group LLC now owns 39,467 shares of the financial services provider's stock worth $2,772,000 after purchasing an additional 259 shares during the period. Finally, Shakespeare Wealth Management LLC increased its holdings in 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. Institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Truist Financial lifted their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Wall Street Zen lowered Wells Fargo & Company from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, TD Cowen assumed coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $80.39.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC traded down $0.36 during midday trading on Wednesday, hitting $77.60. The stock had a trading volume of 14,154,500 shares, compared to its average volume of 18,974,708. The company's 50-day moving average price is $78.73 and its 200-day moving average price is $74.95. Wells Fargo & Company has a fifty-two week low of $50.22 and a fifty-two week high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $252.53 billion, a P/E ratio of 13.29, a price-to-earnings-growth ratio of 1.21 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate 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 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 in the prior year, the company earned $1.33 EPS. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

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

Wells Fargo & Company 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.