MJP Associates Inc. ADV Buys New Position in Wells Fargo & Company (NYSE:WFC)

MJP Associates Inc. ADV acquired a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,281 shares of the financial services provider's stock, valued at approximately $301,000.

Other institutional investors have also made changes to their positions in the company. Rialto Wealth Management LLC bought a new position in Wells Fargo & Company during the 4th quarter worth $26,000. Investment Counsel Co. of Nevada bought a new position in shares of Wells Fargo & Company in the fourth quarter worth $28,000. BNP Paribas acquired a new position in Wells Fargo & Company in the fourth quarter valued at about $28,000. McClarren Financial Advisors Inc. bought a new stake in Wells Fargo & Company during the fourth quarter worth about $30,000. Finally, Rakuten Securities Inc. grew its stake in Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after buying an additional 237 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

WFC traded down $0.78 during midday trading on Thursday, reaching $75.50. The company had a trading volume of 15,295,254 shares, compared to its average volume of 17,539,905. The business has a 50-day moving average price of $69.42 and a two-hundred day moving average price of $72.41. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The stock has a market cap of $245.69 billion, a PE ratio of 14.03, a P/E/G ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the firm posted $1.20 earnings per share. The company's quarterly revenue was down 3.4% compared to the same quarter last year. On average, sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

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

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Friday, May 9th. Wells Fargo & Company's payout ratio is 28.73%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on WFC shares. Raymond James cut their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a report on Monday, April 14th. Citigroup reduced their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Bank of America lowered their price target on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. TD Cowen initiated coverage on Wells Fargo & Company in a research note on Thursday. They issued a "hold" rating and a $83.00 price objective on the stock. Finally, Royal Bank of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price for the company in a research note on Thursday, March 13th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.73.

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.