WT Wealth Management Takes Position in Wells Fargo & Company (NYSE:WFC)

WT Wealth Management bought a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,276 shares of the financial services provider's stock, valued at approximately $235,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $3,365,658,000. Capital Research Global Investors lifted its holdings in Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after buying an additional 14,210,193 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after buying an additional 7,894,919 shares during the period. GAMMA Investing LLC lifted its holdings in Wells Fargo & Company by 7,887.9% in the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock valued at $243,589,000 after buying an additional 3,350,605 shares during the period. Finally, Northern Trust Corp lifted its holdings in Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after buying an additional 3,307,855 shares during the period. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 5.3%

Shares of WFC stock traded down $4.46 during trading hours on Tuesday, hitting $78.97. 53,916,800 shares of the company's stock traded hands, compared to its average volume of 17,425,650. The stock's fifty day simple moving average is $76.61 and its two-hundred day simple moving average is $73.97. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $83.95. The stock has a market cap of $256.99 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 1.39 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.19. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The firm had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. During the same period in the previous year, the company earned $1.33 earnings per share. The firm's quarterly revenue was up .6% on a year-over-year basis. On average, analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its Board of Directors has authorized a share buyback 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 buy up to 17.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.03%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wall Street Analyst Weigh In

WFC has been the topic of several research reports. Barclays dropped their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Bank of America boosted 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. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a research note 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. 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 on the stock in a report on Thursday, April 3rd. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $80.13.

About Wells Fargo & Company

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.