Quantitative Investment Management LLC bought a new stake in Wells Fargo & Company (NYSE:WFC) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,688 shares of the financial services provider's stock, valued at approximately $1,772,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Safeguard Investment Advisory Group LLC grew its stake in shares of Wells Fargo & Company by 2.4% during the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock valued at $410,000 after buying an additional 137 shares during the last quarter. Summit Wealth & Retirement Planning Inc. grew its stake in shares of Wells Fargo & Company by 4.3% during the first quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock valued at $241,000 after buying an additional 139 shares during the last quarter. Nwam LLC grew its stake in shares of Wells Fargo & Company by 1.6% during the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock valued at $632,000 after buying an additional 142 shares during the last quarter. PGIM Custom Harvest LLC grew its stake in shares of Wells Fargo & Company by 3.5% during the first quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider's stock valued at $303,000 after buying an additional 142 shares during the last quarter. Finally, Tradition Wealth Management LLC grew its stake in shares of Wells Fargo & Company by 0.5% during the first quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider's stock valued at $2,184,000 after buying an additional 143 shares during the last quarter. 75.90% of the stock is owned by institutional investors.
Wells Fargo & Company Price Performance
Shares of WFC opened at $79.0680 on Monday. The company has a market capitalization of $253.29 billion, a P/E ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.20. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a 50 day moving average of $79.55 and a 200 day moving average of $74.88. Wells Fargo & Company has a twelve month low of $50.22 and a twelve month high of $84.83.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm 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 approved a share repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy 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 Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a $0.45 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. Wells Fargo & Company's payout ratio is presently 30.82%.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on WFC shares. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. The Goldman Sachs Group dropped their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. TD Cowen started coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 target price for the company. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Finally, Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Eleven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.58.
View Our Latest Report on WFC
About Wells Fargo & Company
(
Free Report)
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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