Wealthfront Advisers LLC Increases Position in Wells Fargo & Company (NYSE:WFC)

Wealthfront Advisers LLC increased its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 8.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 381,486 shares of the financial services provider's stock after purchasing an additional 30,531 shares during the quarter. Wealthfront Advisers LLC's holdings in Wells Fargo & Company were worth $27,387,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its holdings in shares of Wells Fargo & Company by 62.3% during 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 in the last quarter. Proficio Capital Partners LLC increased its stake in Wells Fargo & Company by 53.5% during the 4th quarter. Proficio Capital Partners LLC now owns 9,855 shares of the financial services provider's stock valued at $692,000 after purchasing an additional 3,436 shares in the last quarter. Madison Investment Advisors LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth $2,921,000. one8zero8 LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $526,000. Finally, Greenwich Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at $244,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Up 1.1%

Shares of NYSE:WFC opened at $83.47 on Tuesday. 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 firm has a market capitalization of $271.62 billion, a price-to-earnings ratio of 14.99, a price-to-earnings-growth ratio of 1.39 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. The business's 50 day moving average price is $76.61 and its 200-day moving average price is $73.97.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

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 dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

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

Wall Street Analyst Weigh In

WFC has been the subject of a number of research analyst reports. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Truist Financial lifted their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. TD Cowen assumed coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target on the stock. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $80.13.

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.

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