Liberty Wealth Management LLC Has $1.27 Million Holdings in Wells Fargo & Company (NYSE:WFC)

Key Points

• Liberty Wealth Management LLC increased its stake in Wells Fargo by 37% in Q1, owning over 17,600 shares valued at approximately $1.27 million.
• A recent quarterly earnings report revealed a beat on earnings per share, with Wells Fargo reporting $1.54, exceeding estimates of $1.41.
• Wells Fargo announced a new quarterly dividend of $0.45 per share, up from $0.40, reflecting a total annualized dividend yield of 2.3%.

Liberty Wealth Management LLC lifted its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 37.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,617 shares of the financial services provider's stock after purchasing an additional 4,762 shares during the period. Liberty Wealth Management LLC's holdings in Wells Fargo & Company were worth $1,265,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Beta Wealth Group Inc. purchased a new position in Wells Fargo & Company during the first quarter valued at approximately $337,000. J. Safra Sarasin Holding AG grew its position in Wells Fargo & Company by 24.5% during the first quarter. J. Safra Sarasin Holding AG now owns 4,500 shares of the financial services provider's stock valued at $323,000 after purchasing an additional 886 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund grew its position in Wells Fargo & Company by 1,127.8% during the first quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 108,045 shares of the financial services provider's stock valued at $7,757,000 after purchasing an additional 99,245 shares in the last quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. purchased a new position in Wells Fargo & Company during the first quarter valued at approximately $19,383,000. Finally, SPC Financial Inc. grew its position in Wells Fargo & Company by 2.5% during the first quarter. SPC Financial Inc. now owns 6,250 shares of the financial services provider's stock valued at $449,000 after purchasing an additional 151 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Ratings Changes

WFC has been the topic of a number of research analyst reports. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Raymond James Financial cut shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Bank of America lifted their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Finally, The Goldman Sachs Group reduced their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.39.

Wells Fargo & Company Stock Up 0.5%

WFC stock traded up $0.37 during mid-day trading on Tuesday, hitting $77.95. 15,762,543 shares of the company were exchanged, compared to its average volume of 19,101,620. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The firm has a market cap of $253.66 billion, a P/E ratio of 13.35, a P/E/G ratio of 1.21 and a beta of 1.20. The firm's 50 day simple moving average is $78.65 and its 200 day simple moving average is $74.93. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period last year, the company earned $1.33 earnings per share. The firm's revenue was up .6% compared to the same quarter last year. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 27.40%.

Wells Fargo & Company announced that its Board of Directors has initiated a share buyback plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board 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.