Perennial Advisors LLC Purchases Shares of 10,262 Wells Fargo & Company (NYSE:WFC)

Perennial Advisors LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,262 shares of the financial services provider's stock, valued at approximately $721,000.

Several other large investors also recently made changes to their positions in the business. Vermillion Wealth Management Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth $565,000. Forum Financial Management LP grew its holdings in shares of Wells Fargo & Company by 14.6% during the fourth quarter. Forum Financial Management LP now owns 55,896 shares of the financial services provider's stock worth $3,926,000 after purchasing an additional 7,139 shares during the last quarter. Griffith & Werner Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth $2,377,000. Castlekeep Investment Advisors LLC bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth $2,802,000. Finally, GF Fund Management CO. LTD. bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth $425,000. Institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

WFC has been the topic of several recent research reports. 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 decreased 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. Citigroup decreased their price target on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Barclays decreased their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Finally, Raymond James decreased their price target on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a report on Monday, April 14th. Seven investment 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 company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $75.73.

Wells Fargo & Company Stock Down 0.4%

Shares of NYSE WFC traded down $0.26 during mid-day trading on Wednesday, reaching $73.73. 8,698,413 shares of the company's stock were exchanged, compared to its average volume of 17,454,881. The firm has a market capitalization of $239.93 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.18 and a beta of 1.13. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The business has a fifty day simple moving average of $70.04 and a 200 day simple moving average of $72.87. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter last year, the firm posted $1.20 earnings per share. Wells Fargo & Company's revenue was down 3.4% compared to the same quarter last year. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

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

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

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.