Voloridge Investment Management LLC Makes New Investment in Wells Fargo & Company (NYSE:WFC)

Voloridge Investment Management LLC bought a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the financial services provider's stock, valued at approximately $7,024,000.

A number of other institutional investors have also recently made changes to their positions in the company. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $26,000. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $28,000. BNP Paribas purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. Rakuten Securities Inc. boosted its position in shares of 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 acquiring an additional 237 shares during the period. Finally, McClarren Financial Advisors Inc. purchased a new position in Wells Fargo & Company during the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Down 0.4%

Shares of NYSE WFC traded down $0.26 during mid-day trading on Wednesday, hitting $73.73. The stock had a trading volume of 8,698,413 shares, compared to its average volume of 17,430,262. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The business has a 50 day moving average price of $70.04 and a two-hundred day moving average price of $72.87. The firm has a market cap of $239.93 billion, a P/E ratio of 13.70, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released 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 for the quarter, compared to analysts' expectations 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 for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.20 earnings per share. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.17%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company announced that its board has authorized a stock repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes 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 leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have commented on WFC. Barclays cut their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Bank of America reduced their target price on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Morgan Stanley raised their price target on Wells Fargo & Company from $79.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, April 7th. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Finally, Piper Sandler lowered their target price on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $75.73.

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.