Parr Mcknight Wealth Management Group LLC Buys New Holdings in Wells Fargo & Company (NYSE:WFC)

Parr Mcknight Wealth Management Group LLC bought a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 7,452 shares of the financial services provider's stock, valued at approximately $523,000.

Other large investors have also made changes to their positions in the company. Ironwood Wealth Management LLC. acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $221,000. Beaumont Financial Advisors LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $208,000. Mutual Advisors LLC raised its position in shares of Wells Fargo & Company by 27.5% during the fourth quarter. Mutual Advisors LLC now owns 24,198 shares of the financial services provider's stock worth $1,838,000 after acquiring an additional 5,217 shares during the last quarter. Secure Asset Management LLC boosted its holdings in Wells Fargo & Company by 11.7% in the fourth quarter. Secure Asset Management LLC now owns 5,067 shares of the financial services provider's stock valued at $356,000 after acquiring an additional 530 shares during the last quarter. Finally, Cerro Pacific Wealth Advisors LLC increased its position in Wells Fargo & Company by 3.6% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 4,809 shares of the financial services provider's stock worth $338,000 after purchasing an additional 167 shares during the period. Institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on WFC shares. TD Cowen started coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective for the company. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a research report on Thursday, March 13th. Morgan Stanley boosted their target price on Wells Fargo & Company from $79.00 to $80.00 and gave the stock an "overweight" rating in a research report on Monday, April 7th. Bank of America decreased their target price on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. decreased their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. 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 stock. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and a consensus price target of $75.73.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC traded up $1.10 during midday trading on Tuesday, reaching $73.93. 11,006,878 shares of the company traded hands, compared to its average volume of 17,465,143. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The firm has a market capitalization of $240.58 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The firm's fifty day moving average price is $70.01 and its two-hundred day moving average price is $72.86.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. During the same period in the previous year, the business earned $1.20 earnings per share. The firm's revenue was down 3.4% on a year-over-year basis. On average, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Friday, May 9th. Wells Fargo & Company's payout ratio is currently 28.73%.

Wells Fargo & Company announced 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 shares. This buyback authorization authorizes the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is 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.