Money Concepts Capital Corp Takes $529,000 Position in Wells Fargo & Company (NYSE:WFC)

Money Concepts Capital Corp purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm purchased 7,371 shares of the financial services provider's stock, valued at approximately $529,000.

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

Wells Fargo & Company Stock Down 0.7%

Shares of WFC opened at $79.42 on Friday. The firm has a market cap of $258.44 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 1.33 and a beta of 1.16. The company's fifty day moving average is $73.88 and its two-hundred day moving average is $73.07. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. 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 (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion for 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%. Wells Fargo & Company's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the business earned $1.20 EPS. Analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.01%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company declared that its board has authorized a stock buyback plan 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 plans are generally a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on WFC. The Goldman Sachs Group raised their price objective on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Truist Financial dropped their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Piper Sandler reissued an "overweight" rating and set a $85.00 price objective (up from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Finally, Evercore ISI raised their price objective 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. Seven equities research 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $77.98.

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.

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.