McGlone Suttner Wealth Management Inc. Purchases 4,201 Shares of Wells Fargo & Company (NYSE:WFC)

McGlone Suttner Wealth Management Inc. raised its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 50.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,551 shares of the financial services provider's stock after buying an additional 4,201 shares during the quarter. McGlone Suttner Wealth Management Inc.'s holdings in Wells Fargo & Company were worth $901,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in WFC. Rialto Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth $26,000. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company in the 4th quarter worth about $28,000. BNP Paribas purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $28,000. Rakuten Securities Inc. lifted its stake 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 valued at $30,000 after acquiring an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company in the 4th quarter worth approximately $32,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on WFC shares. Piper Sandler restated an "overweight" rating and set a $85.00 price objective (up previously from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. The Goldman Sachs Group boosted their price objective 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. 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 price target on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Finally, Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Seven equities research 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, the stock has an average rating of "Moderate Buy" and an average target price of $78.33.

Wells Fargo & Company Stock Up 1.2%

Wells Fargo & Company stock traded up $0.96 during trading on Friday, hitting $83.32. 11,237,287 shares of the company were exchanged, compared to its average volume of 17,377,113. The company has a market capitalization of $271.12 billion, a P/E ratio of 14.96, a PEG ratio of 1.40 and a beta of 1.16. The business's 50 day moving average is $75.34 and its 200 day moving average is $73.47. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week 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.

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 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. The firm had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The company's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 EPS. Analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current 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 dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

Wells Fargo & Company announced that its board has initiated a share repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in 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 usually a sign that the company's board believes its stock is undervalued.

About Wells Fargo & Company

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.