Stoneridge Investment Partners LLC Makes New $901,000 Investment in Wells Fargo & Company $WFC

Key Points

• Stoneridge Investment Partners LLC invested approximately $901,000 in Wells Fargo & Company, acquiring 12,547 shares during the 1st quarter.
• The quarterly earnings report revealed that Wells Fargo achieved $1.54 EPS, surpassing estimates, and announced a significant $40 billion stock repurchase plan.
• Wells Fargo's board declared an increase in its quarterly dividend to $0.45, which marks a rise from the previous $0.40 dividend, reflecting a 2.3% yield.

Stoneridge Investment Partners LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,547 shares of the financial services provider's stock, valued at approximately $901,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas bought a new stake in Wells Fargo & Company during the fourth quarter worth $28,000. Motco increased its holdings in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company in the first quarter valued at $29,000. Parvin Asset Management LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at $32,000. Finally, Stone House Investment Management LLC acquired a new position in shares of Wells Fargo & Company in the first quarter valued at $34,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Up 0.0%

Wells Fargo & Company stock opened at $77.4680 on Wednesday. The firm has a 50 day moving average price of $79.27 and a two-hundred day moving average price of $74.95. The firm has a market cap of $248.16 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 1.20 and a beta of 1.20. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 52-week low of $50.22 and a 52-week high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data 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 analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 EPS. Equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

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

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is 30.82%.

Analysts Set New Price Targets

A number of research firms recently commented on WFC. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. TD Cowen began 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. Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Wall Street Zen lowered shares of Wells Fargo & Company from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Eleven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.58.

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.

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