GAMMA Investing LLC Raises Position in Wells Fargo & Company (NYSE:WFC)

GAMMA Investing LLC boosted its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 7,887.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,393,083 shares of the financial services provider's stock after purchasing an additional 3,350,605 shares during the period. GAMMA Investing LLC owned about 0.10% of Wells Fargo & Company worth $243,589,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. AdvisorNet Financial Inc increased its stake in Wells Fargo & Company by 18.0% in the 1st quarter. AdvisorNet Financial Inc now owns 15,037 shares of the financial services provider's stock valued at $1,080,000 after purchasing an additional 2,293 shares in the last quarter. Howard Financial Services LTD. purchased a new position in Wells Fargo & Company in the 1st quarter valued at approximately $205,000. Quent Capital LLC increased its stake in Wells Fargo & Company by 3.4% in the 1st quarter. Quent Capital LLC now owns 13,040 shares of the financial services provider's stock valued at $936,000 after purchasing an additional 429 shares in the last quarter. Versant Capital Management Inc increased its stake in Wells Fargo & Company by 84.2% in the 1st quarter. Versant Capital Management Inc now owns 9,189 shares of the financial services provider's stock valued at $660,000 after purchasing an additional 4,200 shares in the last quarter. Finally, Waller Financial Planning Group Inc. purchased a new position in Wells Fargo & Company during the first quarter worth $226,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Down 0.2%

WFC stock traded down $0.14 during trading on Monday, reaching $74.64. 11,235,076 shares of the stock traded hands, compared to its average volume of 17,416,672. The business's 50 day moving average price is $70.07 and its 200-day moving average price is $72.91. The firm has a market capitalization of $242.90 billion, a PE ratio of 13.87, a P/E/G ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. 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 (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same period in the previous year, the firm earned $1.20 earnings per share. Wells Fargo & Company's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, sell-side analysts forecast 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 program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.14%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on WFC. JPMorgan Chase & Co. dropped their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Raymond James dropped their price target 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. Barclays dropped their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Piper Sandler dropped their price target on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Finally, Citigroup dropped their price target on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $75.73.

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.