Harel Insurance Investments & Financial Services Ltd. Makes New $244,000 Investment in Wells Fargo & Company (NYSE:WFC)

Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,400 shares of the financial services provider's stock, valued at approximately $244,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. IFM Investors Pty Ltd boosted its holdings in shares of Wells Fargo & Company by 10.7% in the first quarter. IFM Investors Pty Ltd now owns 704,449 shares of the financial services provider's stock valued at $50,572,000 after acquiring an additional 68,116 shares during the period. GF Fund Management CO. LTD. lifted its position in shares of Wells Fargo & Company by 213.8% during the 1st quarter. GF Fund Management CO. LTD. now owns 18,999 shares of the financial services provider's stock valued at $1,364,000 after acquiring an additional 12,944 shares during the period. 44 Wealth Management LLC grew its holdings in Wells Fargo & Company by 0.3% in the first quarter. 44 Wealth Management LLC now owns 50,673 shares of the financial services provider's stock valued at $3,638,000 after purchasing an additional 161 shares during the last quarter. Silver Oak Securities Incorporated acquired a new stake in Wells Fargo & Company in the 1st quarter valued at about $215,000. Finally, Calamos Wealth Management LLC grew its holdings in Wells Fargo & Company by 2.0% during the 1st quarter. Calamos Wealth Management LLC now owns 198,112 shares of the financial services provider's stock valued at $14,222,000 after buying an additional 3,941 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on WFC shares. JPMorgan Chase & Co. decreased their target price on shares of 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. Evercore ISI increased their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Truist Financial decreased their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Barclays reduced their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Finally, The Goldman Sachs Group raised their price objective on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Eight research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $78.33.

Wells Fargo & Company Price Performance

NYSE:WFC traded down $1.26 during mid-day trading on Monday, reaching $82.34. 18,149,860 shares of the stock were exchanged, compared to its average volume of 17,380,217. The firm has a market capitalization of $267.95 billion, a PE ratio of 14.78, a PEG ratio of 1.40 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $83.95. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. The business has a fifty day moving average price of $75.34 and a 200 day moving average price of $73.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced 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 net margin of 16.19% and a return on equity of 12.15%. The company had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. During the same period last year, the company posted $1.20 earnings per share. The business's revenue for the quarter was down 3.4% on a year-over-year basis. Research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is presently 28.73%.

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

Wells Fargo & Company 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.