Lifelong Wealth Advisors Inc. Buys New Position in Wells Fargo & Company (NYSE:WFC)

Lifelong Wealth Advisors Inc. purchased a new position in Wells Fargo & Company (NYSE:WFC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,526 shares of the financial services provider's stock, valued at approximately $253,000.

A number of other hedge funds have also bought and sold shares of the business. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $26,000. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company in the 4th quarter worth $28,000. BNP Paribas purchased a new position in Wells Fargo & Company during the 4th quarter valued at approximately $28,000. Rakuten Securities Inc. increased its position in Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after purchasing an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Citigroup dropped their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Morgan Stanley raised their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wells Fargo & Company in a research report on Wednesday, June 18th. Evercore ISI lifted 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. Finally, Barclays lowered their price objective on 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. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.98.

Wells Fargo & Company Trading Up 1.2%

NYSE:WFC traded up $0.95 during trading hours on Thursday, reaching $80.02. 18,203,434 shares of the company were exchanged, compared to its average volume of 17,345,635. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The firm has a market cap of $260.39 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.31 and a beta of 1.16. The stock has a 50 day simple moving average of $73.27 and a 200 day simple moving average of $72.96.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $20.82 billion. During the same quarter last year, the company earned $1.20 earnings per share. Wells Fargo & Company's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.00%. Wells Fargo & Company's dividend payout ratio (DPR) is 28.73%.

Wells Fargo & Company declared that its board has initiated a share repurchase 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 purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership 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.