Truvestments Capital LLC Purchases 29,618 Shares of Wells Fargo & Company $WFC

Key Points

• Truvestments Capital LLC dramatically increased its holdings in Wells Fargo & Company by 4,148.2%, acquiring an additional 29,618 shares to own a total of 30,332 shares valued at approximately $2.18 million.
• The company announced a quarterly dividend increase to $0.45 per share, a rise from the previous dividend of $0.40, reflecting a 2.2% annual yield.
• Research firms exhibit positive sentiment toward Wells Fargo, with analysts setting target prices ranging from $83.00 to $87.00, and a consensus rating classified as a "Moderate Buy."

Truvestments Capital LLC grew its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 4,148.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,332 shares of the financial services provider's stock after purchasing an additional 29,618 shares during the period. Truvestments Capital LLC's holdings in Wells Fargo & Company were worth $2,178,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Brighton Jones LLC increased its position in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Quarry LP acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $108,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $38,000. Bellwether Advisors LLC acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $87,000. Finally, Lido Advisors LLC increased its position in shares of Wells Fargo & Company by 0.4% in the fourth quarter. Lido Advisors LLC now owns 137,395 shares of the financial services provider's stock valued at $9,651,000 after acquiring an additional 598 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on WFC. Morgan Stanley lifted their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Truist Financial lifted their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. TD Cowen assumed coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price target for the company. Finally, Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Eleven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $81.58.

Wells Fargo & Company Trading Up 1.7%

Shares of WFC stock opened at $81.55 on Wednesday. The firm has a 50 day moving average price of $79.87 and a two-hundred day moving average price of $74.93. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $261.23 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.25 and a beta of 1.20. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business's revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the business posted $1.33 earnings per share. As a group, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its Board of Directors has approved a stock buyback program on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, August 8th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 30.82%.

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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