Jacksonville Wealth Management LLC Makes New Investment in Wells Fargo & Company (NYSE:WFC)

Jacksonville Wealth Management LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,850 shares of the financial services provider's stock, valued at approximately $348,000.

Several other large investors have also recently added to or reduced their stakes in the company. Spinnaker Trust increased its position in Wells Fargo & Company by 1.8% in the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock valued at $520,000 after buying an additional 130 shares in the last quarter. Shakespeare Wealth Management LLC increased its position in Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock valued at $972,000 after buying an additional 130 shares in the last quarter. MONECO Advisors LLC increased its holdings in Wells Fargo & Company by 1.9% during the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock worth $493,000 after purchasing an additional 134 shares in the last quarter. Safeguard Investment Advisory Group LLC increased its holdings in Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after purchasing an additional 137 shares in the last quarter. Finally, Crown Wealth Group LLC increased its holdings in Wells Fargo & Company by 2.2% during the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock worth $467,000 after purchasing an additional 140 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on WFC shares. JPMorgan Chase & Co. decreased their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. TD Cowen started coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective for the company. Bank of America boosted their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Evercore ISI boosted their price objective on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Finally, Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price on the stock in a research note on Thursday, March 13th. Seven equities 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $77.68.

Wells Fargo & Company Stock Performance

NYSE:WFC traded down $1.70 during trading hours on Friday, reaching $72.31. The stock had a trading volume of 21,164,035 shares, compared to its average volume of 17,495,157. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a 50 day simple moving average of $71.22 and a 200 day simple moving average of $72.97. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The stock has a market cap of $235.31 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the business posted $1.20 earnings per share. On average, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.21%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wells Fargo & Company announced that its board has initiated a stock repurchase 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 of directors 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.