Inscription Capital LLC Purchases Shares of 5,390 Wells Fargo & Company (NYSE:WFC)

Inscription Capital LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 5,390 shares of the financial services provider's stock, valued at approximately $387,000.

Several other institutional investors and hedge funds have also made changes to their positions in WFC. Ironwood Wealth Management LLC. purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $221,000. Brighton Jones LLC increased its stake in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares during the period. Van ECK Associates Corp purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth $4,342,000. Strategic Financial Concepts LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth $2,262,000. Finally, Valmark Advisers Inc. lifted its position in Wells Fargo & Company by 5.5% during the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock valued at $583,000 after purchasing an additional 431 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on WFC shares. JPMorgan Chase & Co. cut 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. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. The Goldman Sachs Group lifted their price target on 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 initiated coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective on the stock. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average price target of $77.68.

Wells Fargo & Company Stock Down 0.9%

Shares of NYSE WFC opened at $72.51 on Wednesday. The firm has a market cap of $235.97 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 1.23 and a beta of 1.16. The company's 50-day simple moving average is $71.77 and its 200-day simple moving average is $72.85. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted 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 return on equity of 12.15% and a net margin of 16.19%. The company had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. During the same period in the previous year, the firm posted $1.20 EPS. Wells Fargo & Company's revenue was down 3.4% compared to the same quarter last year. Equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is 28.73%.

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

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.