Waycross Partners LLC Increases Stake in Wells Fargo & Company (NYSE:WFC)

Key Points

• Waycross Partners LLC increased its holdings in Wells Fargo by 38.7% in the 1st quarter, making it the 9th largest position in their portfolio.
• Wells Fargo's board announced a stock repurchase plan allowing the company to buy back $40 billion in shares, indicating confidence in the stock's value.
• Wells Fargo increased its quarterly dividend from $0.40 to $0.45 per share, representing an annualized yield of 2.3%.

Waycross Partners LLC increased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 38.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 454,512 shares of the financial services provider's stock after purchasing an additional 126,894 shares during the quarter. Wells Fargo & Company accounts for approximately 3.7% of Waycross Partners LLC's investment portfolio, making the stock its 9th largest position. Waycross Partners LLC's holdings in Wells Fargo & Company were worth $32,629,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Ontario Teachers Pension Plan Board bought a new stake in shares of Wells Fargo & Company during the 1st quarter valued at approximately $8,192,000. ASR Vermogensbeheer N.V. bought a new position in Wells Fargo & Company in the 1st quarter valued at approximately $22,374,000. Citizens Financial Group Inc. RI raised its holdings in Wells Fargo & Company by 73.2% in the 1st quarter. Citizens Financial Group Inc. RI now owns 284,194 shares of the financial services provider's stock valued at $20,402,000 after buying an additional 120,085 shares during the last quarter. Greykasell Wealth Strategies Inc. bought a new position in Wells Fargo & Company in the 1st quarter valued at approximately $36,000. Finally, Hemington Wealth Management raised its holdings in Wells Fargo & Company by 6.6% during the 1st quarter. Hemington Wealth Management now owns 2,520 shares of the financial services provider's stock worth $180,000 after purchasing an additional 156 shares during the last quarter. Institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Bank of America raised their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. The Goldman Sachs Group reduced their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. TD Cowen started coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective for the company. 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. Finally, Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. One investment 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's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $80.39.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded up $0.73 during mid-day trading on Friday, reaching $77.78. 14,121,735 shares of the company's stock were exchanged, compared to its average volume of 18,813,622. The firm has a market capitalization of $249.16 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.20 and a beta of 1.20. Wells Fargo & Company has a 52 week low of $50.22 and a 52 week high of $84.83. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a 50-day moving average price of $78.92 and a two-hundred day moving average price of $74.97.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The business's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.33 EPS. Analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

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

Wells Fargo & Company Increases Dividend

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

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.