Oliver Luxxe Assets LLC Purchases 74,516 Shares of Wells Fargo & Company $WFC

Key Points

• Oliver Luxxe Assets LLC increased its holdings in Wells Fargo by an impressive 1,262.6%, now owning 80,418 shares valued at approximately $5.77 million.
• Wells Fargo's board has initiated a $40 billion share repurchase plan, indicating confidence that the company's shares are undervalued.
• The company recently increased its quarterly dividend from $0.40 to $0.45, reflecting a commitment towards returning value to shareholders.

Oliver Luxxe Assets LLC lifted its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 1,262.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,418 shares of the financial services provider's stock after acquiring an additional 74,516 shares during the quarter. Wells Fargo & Company accounts for approximately 1.1% of Oliver Luxxe Assets LLC's investment portfolio, making the stock its 28th largest holding. Oliver Luxxe Assets LLC's holdings in Wells Fargo & Company were worth $5,773,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after buying an additional 25,436 shares during the period. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Wells Fargo & Company by 4.9% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 101,463 shares of the financial services provider's stock valued at $7,127,000 after acquiring an additional 4,748 shares during the period. Integrated Wealth Concepts LLC raised its position in shares of Wells Fargo & Company by 50.5% in the 4th quarter. Integrated Wealth Concepts LLC now owns 118,071 shares of the financial services provider's stock worth $8,293,000 after acquiring an additional 39,635 shares in the last quarter. Nebula Research & Development LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth $1,068,000. Finally, Voya Financial Advisors Inc. boosted its position in Wells Fargo & Company by 5.3% during the fourth quarter. Voya Financial Advisors Inc. now owns 40,077 shares of the financial services provider's stock valued at $2,822,000 after purchasing an additional 2,007 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $79.0680 on Friday. The stock has a market capitalization of $253.29 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.21 and a beta of 1.20. The company's fifty day moving average price is $79.55 and its 200 day moving average price is $74.96. 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 has a 1 year low of $50.22 and a 1 year high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the business earned $1.33 earnings per share. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company announced that its board has initiated a share repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

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

Analyst Ratings Changes

Several analysts have commented on the stock. Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. TD Cowen initiated coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 target price on the stock. Truist Financial increased their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Finally, Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday. Eleven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $81.58.

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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