HighPoint Advisor Group LLC Has $5.48 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

HighPoint Advisor Group LLC raised its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 23.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 77,031 shares of the financial services provider's stock after purchasing an additional 14,405 shares during the period. HighPoint Advisor Group LLC's holdings in Wells Fargo & Company were worth $5,477,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in Wells Fargo & Company in the 4th quarter worth about $3,365,658,000. Capital Research Global Investors grew its position in Wells Fargo & Company by 932.0% in the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after purchasing an additional 14,210,193 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Wells Fargo & Company by 277.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after purchasing an additional 7,894,919 shares during the last quarter. GAMMA Investing LLC grew its position in Wells Fargo & Company by 7,887.9% in the 1st quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock worth $243,589,000 after purchasing an additional 3,350,605 shares during the last quarter. Finally, Northern Trust Corp grew its position in Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

WFC has been the subject of several recent analyst reports. Barclays decreased their target price on shares of 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 restated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Bank of America upped their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. TD Cowen initiated coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target for the company. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $80.39.

Wells Fargo & Company Trading Up 2.7%

Shares of NYSE:WFC traded up $2.18 during mid-day trading on Tuesday, hitting $82.46. The stock had a trading volume of 22,431,713 shares, compared to its average volume of 17,466,857. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market cap of $268.33 billion, a PE ratio of 14.12, a P/E/G ratio of 1.34 and a beta of 1.16. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $83.95. The company's 50 day moving average is $77.14 and its 200-day moving average is $74.24.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm's quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 EPS. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its Board of Directors has approved a stock buyback program on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 1.94%. Wells Fargo & Company's dividend payout ratio is presently 27.40%.

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.