West Branch Capital LLC Boosts Position in Wells Fargo & Company (NYSE:WFC)

West Branch Capital LLC raised its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 28.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,091 shares of the financial services provider's stock after purchasing an additional 4,904 shares during the period. West Branch Capital LLC's holdings in Wells Fargo & Company were worth $1,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Investment Counsel Co. of Nevada purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth $28,000. Rakuten Securities Inc. boosted its position 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 worth $30,000 after purchasing an additional 237 shares in the last quarter. Finally, Parvin Asset Management LLC purchased a new position in Wells Fargo & Company during the 4th quarter worth $32,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC stock traded down $1.70 during trading hours on Friday, hitting $72.31. 21,164,035 shares of the company's stock were exchanged, compared to its average volume of 17,495,205. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The firm has a market cap of $235.31 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.18 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a 50 day moving average of $71.42 and a two-hundred day moving average of $72.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 earnings per share. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its board has approved 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 buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.21%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays lowered their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target for the company in a report on Thursday, March 13th. Evercore ISI boosted their price objective on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Bank of America upped their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, Citigroup lowered their price target on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.68.

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.