WT Wealth Management purchased a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,276 shares of the financial services provider's stock, valued at approximately $235,000.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $3,365,658,000. Northern Trust Corp boosted its stake in Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Wells Fargo & Company by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock worth $1,430,742,000 after purchasing an additional 238,131 shares during the last quarter. Capital Research Global Investors boosted its stake in Wells Fargo & Company by 932.0% during the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after purchasing an additional 14,210,193 shares during the last quarter. Finally, Capital World Investors boosted its stake in Wells Fargo & Company by 0.4% during the 4th quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock worth $977,338,000 after purchasing an additional 62,099 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.
Wells Fargo & Company Trading Up 0.2%
NYSE WFC opened at $82.55 on Friday. The firm's 50-day moving average is $76.41 and its two-hundred day moving average is $73.85. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $83.95. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $268.63 billion, a P/E ratio of 14.82, a PEG ratio of 1.39 and a beta of 1.16.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to analysts' expectations 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 for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.20 earnings per share. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.
Wells Fargo & Company announced that its board has authorized a share buyback program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.
Wells Fargo & Company Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.94%. Wells Fargo & Company's payout ratio is 28.73%.
Analyst Ratings Changes
Several brokerages have issued reports on WFC. Barclays lowered their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday. Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. 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 target on the stock. Finally, Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and an average target price of $80.13.
Get Our Latest Analysis on Wells Fargo & Company
Wells Fargo & Company Profile
(
Free Report)
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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