SwitchPoint Financial Planning LLC Makes New $445,000 Investment in Wells Fargo & Company (NYSE:WFC)

SwitchPoint Financial Planning LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,196 shares of the financial services provider's stock, valued at approximately $445,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $26,000. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. BNP Paribas purchased a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Rakuten Securities Inc. lifted its stake in Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after buying an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC purchased a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

WFC traded down $1.26 during trading on Monday, reaching $82.34. 18,149,860 shares of the stock were exchanged, compared to its average volume of 17,380,217. The business's 50 day moving average price is $75.34 and its two-hundred day moving average price is $73.50. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market capitalization of $267.95 billion, a price-to-earnings ratio of 14.78, a P/E/G ratio of 1.40 and a beta of 1.16. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $83.95.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted 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 company had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. Wells Fargo & Company's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 earnings per share. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced 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 1.94%. Wells Fargo & Company's payout ratio is 28.73%.

Wells Fargo & Company announced that its board has approved a share buyback program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on WFC. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. JPMorgan Chase & Co. dropped their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Royal Bank Of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price on the stock in a report on Thursday, March 13th. Citigroup boosted their target price on Wells Fargo & Company from $78.00 to $85.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday. Eight equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $78.33.

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.