Northwest & Ethical Investments L.P. Buys Shares of 19,447 Wells Fargo & Company $WFC

Key Points

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Northwest & Ethical Investments L.P. acquired a new stake in Wells Fargo & Company (NYSE:WFC) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 19,447 shares of the financial services provider's stock, valued at approximately $1,394,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Tyler Stone Wealth Management raised its holdings in shares of Wells Fargo & Company by 6.7% in the 1st quarter. Tyler Stone Wealth Management now owns 4,356 shares of the financial services provider's stock valued at $313,000 after buying an additional 272 shares during the period. Forvis Mazars Wealth Advisors LLC raised its holdings in shares of Wells Fargo & Company by 1.2% in the 1st quarter. Forvis Mazars Wealth Advisors LLC now owns 12,978 shares of the financial services provider's stock valued at $932,000 after buying an additional 159 shares during the period. Nations Financial Group Inc. IA ADV raised its holdings in shares of Wells Fargo & Company by 220.2% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 13,317 shares of the financial services provider's stock valued at $956,000 after buying an additional 9,158 shares during the period. Ethic Inc. raised its holdings in shares of Wells Fargo & Company by 8.5% in the 1st quarter. Ethic Inc. now owns 58,629 shares of the financial services provider's stock valued at $4,181,000 after buying an additional 4,581 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Wells Fargo & Company by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock valued at $1,471,259,000 after buying an additional 128,207 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

WFC has been the topic of several research analyst reports. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Bank of America upped their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Morgan Stanley upped their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $81.58.

Wells Fargo & Company Trading Up 0.5%

NYSE:WFC opened at $77.46 on Tuesday. The stock has a 50-day simple moving average of $79.23 and a 200-day simple moving average of $74.93. The stock has a market cap of $248.14 billion, a P/E ratio of 13.26, a P/E/G ratio of 1.20 and a beta of 1.20. Wells Fargo & Company has a 1 year low of $50.22 and a 1 year high of $84.83. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The business's quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.33 EPS. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be given a $0.45 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company's payout ratio is currently 30.82%.

Wells Fargo & Company announced that its Board of Directors has initiated a share repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are 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.

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