Elevation Point Wealth Partners LLC Purchases 4,643 Shares of Wells Fargo & Company (NYSE:WFC)

Elevation Point Wealth Partners LLC lifted its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 16.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,210 shares of the financial services provider's stock after acquiring an additional 4,643 shares during the period. Elevation Point Wealth Partners LLC's holdings in Wells Fargo & Company were worth $2,384,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Valmark Advisers Inc. lifted its position in Wells Fargo & Company by 5.5% during the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock valued at $583,000 after buying an additional 431 shares during the period. Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Wells Fargo & Company in the 4th quarter worth about $1,656,000. Modera Wealth Management LLC lifted its position in 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 acquiring an additional 2,548 shares during the period. Cornerstone Advisors LLC boosted its stake in Wells Fargo & Company by 2.1% during the fourth quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider's stock worth $14,343,000 after acquiring an additional 4,200 shares in the last quarter. Finally, Jessup Wealth Management Inc purchased a new stake in Wells Fargo & Company in the fourth quarter worth about $224,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Raymond James Financial reduced their price objective on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a research report on Monday, April 14th. Royal Bank Of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price on the stock in a report on Thursday, March 13th. Citigroup reduced their price target on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Finally, The Goldman Sachs Group lifted their price target on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.68.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded down $0.64 during trading on Tuesday, reaching $72.51. 14,152,683 shares of the company traded hands, compared to its average volume of 17,481,812. The firm has a 50 day simple moving average of $71.77 and a 200-day simple moving average of $72.85. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The stock has a market capitalization of $235.97 billion, a PE ratio of 13.02, a P/E/G ratio of 1.23 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued 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. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The company had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter in the prior year, the firm earned $1.20 earnings per share. The firm's revenue for the quarter was down 3.4% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.21%. Wells Fargo & Company's payout ratio is 28.73%.

Wells Fargo & Company announced that its Board of Directors has approved a stock buyback program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

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.