Naviter Wealth LLC Has $2.52 Million Position in Wells Fargo & Company (NYSE:WFC)

Naviter Wealth LLC lowered its position in Wells Fargo & Company (NYSE:WFC) by 16.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,596 shares of the financial services provider's stock after selling 6,910 shares during the quarter. Naviter Wealth LLC's holdings in Wells Fargo & Company were worth $2,516,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $26,000. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $28,000. BNP Paribas acquired a new stake 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% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 237 shares during the period. Finally, Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of WFC opened at $79.42 on Friday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The business's fifty day moving average is $73.88 and its 200 day moving average is $73.07. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market cap of $258.44 billion, a P/E ratio of 14.26, a P/E/G ratio of 1.33 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued 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. 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 last year, the business earned $1.20 EPS. Wells Fargo & Company's quarterly revenue was down 3.4% compared to the same quarter last year. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has authorized a stock repurchase plan 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 repurchase up to 17.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Barclays decreased their target price on shares of 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. Evercore ISI increased their price target on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Royal Bank Of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. Truist Financial cut their price target on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Wells Fargo & Company in a report on Wednesday, June 18th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.98.

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.

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