Salzhauer Michael Has $14.64 Million Position in Wells Fargo & Company (NYSE:WFC)

Salzhauer Michael increased its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 52.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,933 shares of the financial services provider's stock after buying an additional 70,200 shares during the quarter. Wells Fargo & Company comprises 5.8% of Salzhauer Michael's portfolio, making the stock its 3rd largest holding. Salzhauer Michael's holdings in Wells Fargo & Company were worth $14,640,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after purchasing an additional 25,436 shares in the last quarter. BankPlus Trust Department acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at $35,000. FourThought Financial Partners LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at about $375,000. CPA Asset Management LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth about $209,000. Finally, Bradley & Co. Private Wealth Management LLC bought a new stake in Wells Fargo & Company in the fourth quarter worth about $38,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Evercore ISI raised their price objective on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Citigroup cut their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Truist Financial reduced their target price 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, Barclays dropped their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average target price of $77.98.

Wells Fargo & Company Trading Up 1.2%

Shares of NYSE:WFC traded up $0.95 during trading on Thursday, hitting $80.02. 18,203,434 shares of the company's stock were exchanged, compared to its average volume of 17,345,665. 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 firm has a market cap of $260.39 billion, a P/E ratio of 14.37, a PEG ratio of 1.31 and a beta of 1.16. The firm has a 50-day moving average price of $73.27 and a two-hundred day moving average price of $72.96. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the business earned $1.20 EPS. Equities analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders 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 dividend yield of 2.00%. Wells Fargo & Company's payout ratio is currently 28.73%.

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