Elevate Wealth Advisory Inc. Makes New Investment in Wells Fargo & Company $WFC

Key Points

• Elevate Wealth Advisory Inc. acquired 14,957 shares of Wells Fargo & Company, valued at approximately $1,074,000, making it the firm's 27th largest holding.
• Wells Fargo recently declared a quarterly dividend of $0.45 per share, an increase from the previous $0.40, resulting in a 2.3% yield.
• Analysts have a consensus rating of "Moderate Buy" for Wells Fargo, with 11 analysts recommending Buy and an average target price of $81.58.

Elevate Wealth Advisory Inc. acquired a new stake in Wells Fargo & Company (NYSE:WFC) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 14,957 shares of the financial services provider's stock, valued at approximately $1,074,000. Wells Fargo & Company makes up 0.8% of Elevate Wealth Advisory Inc.'s holdings, making the stock its 27th biggest holding.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Northern Trust Corp raised its position in Wells Fargo & Company by 10.7% during the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after acquiring an additional 3,307,855 shares during the period. Dimensional Fund Advisors LP lifted its stake in Wells Fargo & Company by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock valued at $1,471,259,000 after buying an additional 128,207 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Wells Fargo & Company by 277.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after buying an additional 7,894,919 shares during the last quarter. Boston Partners increased its stake in Wells Fargo & Company by 6.2% during the 1st quarter. Boston Partners now owns 8,953,009 shares of the financial services provider's stock worth $640,616,000 after buying an additional 523,107 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Wells Fargo & Company by 10.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider's stock valued at $431,418,000 after acquiring an additional 544,473 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $78.2150 on Thursday. The stock's 50-day moving average is $79.34 and its two-hundred day moving average is $74.97. The company has a market cap of $250.56 billion, a price-to-earnings ratio of 13.39, a price-to-earnings-growth 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. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

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 earnings per share (EPS) 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 analysts' expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company's revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $1.33 EPS. Analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a stock repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board 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 given a dividend of $0.45 per share. The ex-dividend date is Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is presently 30.82%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on WFC shares. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Finally, Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Eleven analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $81.58.

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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