Sabal Trust CO Acquires 5,545 Shares of Wells Fargo & Company (NYSE:WFC)

Sabal Trust CO increased its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 27.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,073 shares of the financial services provider's stock after acquiring an additional 5,545 shares during the quarter. Sabal Trust CO's holdings in Wells Fargo & Company were worth $1,872,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Shakespeare Wealth Management LLC raised its stake in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock worth $972,000 after purchasing an additional 130 shares during the period. Safeguard Investment Advisory Group LLC increased its holdings in 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 worth $410,000 after buying an additional 137 shares during the last quarter. Crown Wealth Group LLC increased its holdings in Wells Fargo & Company by 2.2% during the fourth quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock worth $467,000 after buying an additional 140 shares during the last quarter. Jaffetilchin Investment Partners LLC raised its position in Wells Fargo & Company by 0.6% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock worth $1,580,000 after acquiring an additional 144 shares during the period. Finally, TCTC Holdings LLC boosted its stake in Wells Fargo & Company by 2.1% in the fourth quarter. TCTC Holdings LLC now owns 7,525 shares of the financial services provider's stock valued at $529,000 after acquiring an additional 152 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Barclays decreased their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, April 14th. Piper Sandler restated an "overweight" rating and issued a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. JPMorgan Chase & Co. cut their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Finally, TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price target for the company. Seven research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $77.98.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $79.08 on Thursday. The company has a 50 day moving average of $73.27 and a 200 day moving average of $72.96. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market cap of $257.34 billion, a P/E ratio of 14.20, a P/E/G ratio of 1.31 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. The firm had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The business's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period last year, the firm earned $1.20 EPS. As a group, sell-side analysts forecast 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. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.02%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.