Private Advisor Group LLC Acquires 10,331 Shares of Wells Fargo & Company (NYSE:WFC)

Private Advisor Group LLC grew its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 221,906 shares of the financial services provider's stock after acquiring an additional 10,331 shares during the period. Private Advisor Group LLC's holdings in Wells Fargo & Company were worth $15,931,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Brighton Jones LLC boosted its holdings in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after buying an additional 25,436 shares during the period. Proficio Capital Partners LLC boosted its holdings in shares of Wells Fargo & Company by 53.5% in the fourth quarter. Proficio Capital Partners LLC now owns 9,855 shares of the financial services provider's stock valued at $692,000 after buying an additional 3,436 shares during the period. Madison Investment Advisors LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $2,921,000. Advisors Asset Management Inc. boosted its holdings in shares of Wells Fargo & Company by 15.0% in the fourth quarter. Advisors Asset Management Inc. now owns 55,180 shares of the financial services provider's stock valued at $3,876,000 after buying an additional 7,208 shares during the period. Finally, Wayfinding Financial LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $474,000. 75.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Friday. Truist Financial upped their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $80.39.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock traded up $0.93 during trading hours on Friday, reaching $80.64. 21,202,185 shares of the stock were exchanged, compared to its average volume of 17,458,807. The company has a market cap of $262.42 billion, a P/E ratio of 13.81, a price-to-earnings-growth ratio of 1.34 and a beta of 1.16. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $83.95. The stock has a 50 day moving average of $77.14 and a two-hundred day moving average of $74.21.

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

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 1.98%. Wells Fargo & Company's dividend payout ratio is presently 27.40%.

Wells Fargo & Company declared that its Board of Directors has initiated a share buyback program 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 reacquire up to 17.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

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.