Goelzer Investment Management Inc. Purchases 56,737 Shares of Wells Fargo & Company (NYSE:WFC)

Goelzer Investment Management Inc. lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 128.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 100,847 shares of the financial services provider's stock after acquiring an additional 56,737 shares during the period. Goelzer Investment Management Inc.'s holdings in Wells Fargo & Company were worth $7,240,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in WFC. RKL Wealth Management LLC lifted its holdings in Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after purchasing an additional 5,113 shares during the last quarter. Cornerstone Advisors LLC increased its holdings in shares of 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 buying an additional 4,200 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Wells Fargo & Company by 12.1% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock valued at $45,783,000 after acquiring an additional 70,104 shares during the last quarter. Marble Harbor Investment Counsel LLC raised its stake in shares of Wells Fargo & Company by 4.2% in the fourth quarter. Marble Harbor Investment Counsel LLC now owns 130,504 shares of the financial services provider's stock valued at $9,167,000 after acquiring an additional 5,215 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Wells Fargo & Company by 12.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,150,595 shares of the financial services provider's stock worth $80,818,000 after acquiring an additional 122,899 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WFC has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. The Goldman Sachs Group upped their target price on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective for the company. Bank of America upped their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Finally, Truist Financial dropped their price target on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Seven 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 company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $78.33.

Wells Fargo & Company Stock Up 1.2%

Shares of Wells Fargo & Company stock traded up $0.96 on Friday, reaching $83.32. 11,237,287 shares of the company were exchanged, compared to its average volume of 17,353,350. The company has a market capitalization of $271.12 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 1.38 and a beta of 1.16. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a one year low of $50.15 and a one year high of $83.95. The company has a 50-day moving average of $75.07 and a 200 day moving average of $73.35.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. 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 company posted $1.20 EPS. The firm's revenue for the quarter was down 3.4% compared to the same quarter last year. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is presently 28.73%.

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