Forum Financial Management LP Grows Stock Position in Wells Fargo & Company (NYSE:WFC)

Forum Financial Management LP boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 14.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 55,896 shares of the financial services provider's stock after acquiring an additional 7,139 shares during the quarter. Forum Financial Management LP's holdings in Wells Fargo & Company were worth $3,926,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of WFC. Griffith & Werner Inc. purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth $2,377,000. Castlekeep Investment Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth $2,802,000. GF Fund Management CO. LTD. purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth $425,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth $523,000. Finally, WCG Wealth Advisors LLC lifted its holdings in shares of Wells Fargo & Company by 3.2% in the 4th quarter. WCG Wealth Advisors LLC now owns 47,635 shares of the financial services provider's stock worth $3,346,000 after buying an additional 1,463 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Piper Sandler lowered their target price on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Truist Financial decreased their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Morgan Stanley upped their price objective on Wells Fargo & Company from $79.00 to $80.00 and gave the stock an "overweight" rating in a research note on Monday, April 7th. Finally, Raymond James lowered their price target on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $75.73.

Wells Fargo & Company Stock Performance

WFC stock traded up $1.10 during trading on Tuesday, hitting $73.93. 11,006,878 shares of the company traded hands, compared to its average volume of 17,465,143. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The stock's 50-day simple moving average is $70.01 and its 200 day simple moving average is $72.86. The company has a market cap of $240.58 billion, a PE ratio of 13.74, a P/E/G ratio of 1.18 and a beta of 1.13.

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 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same period last year, the company earned $1.20 earnings per share. Wells Fargo & Company's quarterly revenue was down 3.4% compared to the same quarter last year. On average, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company's payout ratio is currently 28.73%.

Wells Fargo & Company declared that its board has authorized a stock repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

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.