Wells Fargo & Company (NYSE:WFC) Shares Purchased by RKL Wealth Management LLC

RKL Wealth Management LLC raised its stake in Wells Fargo & Company (NYSE:WFC) by 166.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 8,185 shares of the financial services provider's stock after purchasing an additional 5,113 shares during the period. RKL Wealth Management LLC's holdings in Wells Fargo & Company were worth $588,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of WFC. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company in the 4th quarter worth about $28,000. Rakuten Securities Inc. boosted its holdings in shares of Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after buying an additional 237 shares during the period. Finally, Parvin Asset Management LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $32,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $80.17 on Tuesday. The stock has a fifty day moving average price of $74.20 and a two-hundred day moving average price of $73.15. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The firm has a market cap of $260.89 billion, a P/E ratio of 14.39, a PEG ratio of 1.33 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. Wells Fargo & Company's revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 EPS. Research analysts forecast 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 was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's payout ratio is 28.73%.

Wells Fargo & Company announced that its board has authorized a stock repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. TD Cowen assumed coverage on Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target on the stock. Morgan Stanley boosted their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Royal Bank Of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price on the stock in a research report on Thursday, March 13th. Finally, Truist Financial cut their target price on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $77.98.

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.

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