Round Hill Asset Management Has $2.08 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Key Points

• Round Hill Asset Management reduced its stake in Wells Fargo by 17.6%, holding 28,997 shares valued at approximately $2.08 million, making it their 20th largest position.
• Wells Fargo recently declared a quarterly dividend of $0.45, up from $0.40, with a dividend yield of 2.3% and a payout ratio of 30.82%.
• The firm authorized a stock buyback program of $40 billion, allowing for the repurchase of up to 17.2% of its shares, indicating management's belief that the stock is undervalued.

Round Hill Asset Management lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 17.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,997 shares of the financial services provider's stock after selling 6,195 shares during the quarter. Wells Fargo & Company accounts for approximately 1.5% of Round Hill Asset Management's investment portfolio, making the stock its 20th biggest position. Round Hill Asset Management's holdings in Wells Fargo & Company were worth $2,082,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Safeguard Investment Advisory Group LLC boosted its holdings in shares of Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock valued at $410,000 after purchasing an additional 137 shares in the last quarter. Summit Wealth & Retirement Planning Inc. lifted its stake in shares of Wells Fargo & Company by 4.3% in the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock valued at $241,000 after acquiring an additional 139 shares during the last quarter. Nwam LLC lifted its stake in shares of Wells Fargo & Company by 1.6% in the 1st quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock valued at $632,000 after acquiring an additional 142 shares during the last quarter. Zullo Investment Group Inc. lifted its stake in shares of Wells Fargo & Company by 2.4% in the 1st quarter. Zullo Investment Group Inc. now owns 6,327 shares of the financial services provider's stock valued at $454,000 after acquiring an additional 147 shares during the last quarter. Finally, Fortem Financial Group LLC lifted its stake in shares of Wells Fargo & Company by 2.3% in the 1st quarter. Fortem Financial Group LLC now owns 6,759 shares of the financial services provider's stock valued at $485,000 after acquiring an additional 150 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 2.9%

Shares of NYSE:WFC opened at $77.09 on Friday. The firm has a market cap of $246.95 billion, a P/E ratio of 13.20, a P/E/G ratio of 1.20 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. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The business has a fifty day simple moving average of $79.21 and a 200 day simple moving average of $74.97.

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

Wells Fargo & Company declared that its board has authorized a stock buyback program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders 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 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company's dividend payout ratio is 30.82%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on WFC shares. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Truist Financial increased their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. TD Cowen started coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target for the company. Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Finally, Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $81.58.

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.

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