Wells Fargo & Company (NYSE:WFC) Stock Position Increased by QRG Capital Management Inc.

QRG Capital Management Inc. boosted its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 5.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 815,384 shares of the financial services provider's stock after acquiring an additional 43,092 shares during the period. Wells Fargo & Company comprises approximately 0.6% of QRG Capital Management Inc.'s holdings, making the stock its 25th biggest holding. QRG Capital Management Inc.'s holdings in Wells Fargo & Company were worth $58,536,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Rialto Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth $28,000. BNP Paribas purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth $28,000. Rakuten Securities Inc. boosted its holdings in Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC acquired a new position in Wells Fargo & Company in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

WFC has been the topic of several research analyst reports. Citigroup reduced their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Bank of America lifted their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Piper Sandler reissued an "overweight" rating and issued a $85.00 price objective (up previously from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Truist Financial lowered their price target on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. reduced their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $77.68.

Wells Fargo & Company Stock Up 1.0%

Wells Fargo & Company stock traded up $0.71 during midday trading on Monday, hitting $73.07. The stock had a trading volume of 16,228,673 shares, compared to its average volume of 17,498,609. 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 moving average price of $71.42 and a 200 day moving average price of $72.87. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The stock has a market cap of $237.78 billion, a P/E ratio of 13.58, a P/E/G ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business's revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.20 EPS. Research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its Board of Directors has initiated a stock repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.19%. Wells Fargo & Company's payout ratio is currently 28.73%.

Wells Fargo & Company 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.