Atalanta Sosnoff Capital LLC Raises Position in Wells Fargo & Company (NYSE:WFC)

Atalanta Sosnoff Capital LLC boosted its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 43.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,559 shares of the financial services provider's stock after purchasing an additional 4,124 shares during the quarter. Atalanta Sosnoff Capital LLC's holdings in Wells Fargo & Company were worth $952,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Rialto Wealth Management LLC acquired a new position in Wells Fargo & Company during the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $28,000. Rakuten Securities Inc. lifted 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 worth $30,000 after purchasing an additional 237 shares in the last quarter. Modus Advisors LLC acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $30,000. Finally, McClarren Financial Advisors Inc. bought a new stake in Wells Fargo & Company during the 4th quarter valued at $30,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC remained flat at $73.80 during mid-day trading on Monday. The company's stock had a trading volume of 16,069,114 shares, compared to its average volume of 17,540,035. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock's 50 day moving average price is $69.31 and its two-hundred day moving average price is $71.99. The company has a market capitalization of $240.16 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 1.18 and a beta of 1.13.

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

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

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.17%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on WFC shares. Raymond James decreased their target price on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a research report on Monday, April 14th. Keefe, Bruyette & Woods boosted their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a report on Thursday, January 16th. JPMorgan Chase & Co. lowered their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Piper Sandler decreased their price target on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Finally, Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, April 14th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $75.34.

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.