Tyche Wealth Partners LLC Boosts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Tyche Wealth Partners LLC boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 31.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,479 shares of the financial services provider's stock after buying an additional 3,224 shares during the period. Tyche Wealth Partners LLC's holdings in Wells Fargo & Company were worth $968,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of WFC. Norges Bank purchased a new position in Wells Fargo & Company in the fourth quarter worth approximately $3,365,658,000. Northern Trust Corp grew its position in Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after acquiring an additional 3,307,855 shares during the period. Dimensional Fund Advisors LP grew its position in Wells Fargo & Company by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock worth $1,430,742,000 after acquiring an additional 238,131 shares during the period. Capital Research Global Investors grew its position in Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after acquiring an additional 14,210,193 shares during the period. Finally, Capital World Investors lifted its stake in Wells Fargo & Company by 0.4% during the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock worth $977,338,000 after purchasing an additional 62,099 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JPMorgan Chase & Co. decreased their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Piper Sandler restated an "overweight" rating and set a $85.00 price target (up from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Evercore ISI increased their price objective on Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Finally, Morgan Stanley increased their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus price target of $77.98.

Wells Fargo & Company Trading Up 1.4%

Shares of NYSE WFC opened at $78.12 on Wednesday. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The company has a market cap of $254.22 billion, a PE ratio of 14.03, a P/E/G ratio of 1.29 and a beta of 1.16. 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 company has a 50-day moving average of $72.97 and a two-hundred day moving average of $72.91.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion during the quarter, compared to analysts' expectations 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 revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.20 earnings per share. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.05%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company announced that its Board of Directors has approved a share repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Wells Fargo & Company 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.

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