Sanibel Captiva Trust Company Inc. Has $1.52 Million Position in Wells Fargo & Company (NYSE:WFC)

Sanibel Captiva Trust Company Inc. raised its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 23.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 21,180 shares of the financial services provider's stock after purchasing an additional 3,969 shares during the period. Sanibel Captiva Trust Company Inc.'s holdings in Wells Fargo & Company were worth $1,521,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of WFC. Rialto Wealth Management LLC bought a new position in Wells Fargo & Company in the fourth quarter worth about $26,000. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. BNP Paribas acquired a new position in Wells Fargo & Company during the 4th quarter valued at approximately $28,000. Rakuten Securities Inc. grew its stake in Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after buying an additional 237 shares during the last quarter. Finally, McClarren Financial Advisors Inc. bought a new position in Wells Fargo & Company during the 4th quarter worth $30,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Trading Down 2.3%

Shares of WFC stock traded down $1.70 during trading hours on Friday, reaching $72.31. 21,164,035 shares of the stock traded hands, compared to its average volume of 17,488,939. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $235.31 billion, a PE ratio of 13.44, a PEG ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The business has a fifty day moving average price of $71.22 and a 200 day moving average price of $72.97.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its 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 company had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company's revenue was down 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 EPS. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders 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 dividend on an annualized basis and a yield of 2.21%. Wells Fargo & Company's payout ratio is presently 28.73%.

Wells Fargo & Company declared that its Board of Directors has authorized a share repurchase plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target for the company in a research report on Thursday, March 13th. Bank of America increased their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. TD Cowen started coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 price target on the stock. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $77.68.

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.