Wells Fargo & Company (NYSE:WFC) Shares Bought by Tower Bridge Advisors

Tower Bridge Advisors grew its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 8.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,476 shares of the financial services provider's stock after purchasing an additional 3,030 shares during the quarter. Tower Bridge Advisors' holdings in Wells Fargo & Company were worth $2,762,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Accretive Wealth Partners LLC acquired a new position in shares of Wells Fargo & Company during the first quarter worth $399,000. Secured Retirement Advisors LLC acquired a new position in shares of Wells Fargo & Company during the first quarter worth $408,000. RKL Wealth Management LLC lifted its position in shares of Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after purchasing an additional 5,113 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Wells Fargo & Company by 12.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock worth $45,783,000 after purchasing an additional 70,104 shares in the last quarter. Finally, Silver Oak Securities Incorporated acquired a new position in shares of Wells Fargo & Company during the first quarter worth $215,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded down $0.86 during trading hours on Wednesday, reaching $81.79. The stock had a trading volume of 15,567,115 shares, compared to its average volume of 18,313,220. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $84.83. The firm has a 50-day simple moving average of $78.31 and a 200-day simple moving average of $74.83. The firm has a market capitalization of $266.16 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 1.29 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results 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 12.29% and a net margin of 16.82%. The firm had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. During the same period last year, the firm earned $1.33 EPS. The firm's revenue was up .6% compared to the same quarter last year. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.20%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date is Friday, August 8th. Wells Fargo & Company's dividend payout ratio is 27.40%.

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

Analyst Ratings Changes

WFC has been the subject of a number of recent analyst reports. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Truist Financial raised their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $80.39.

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.