Procyon Advisors LLC grew its stake in shares of Wells Fargo & Company (NYSE:WFC) by 2.8% in the first quarter, Holdings Channel reports. The institutional investor owned 6,823 shares of the financial services provider’s stock after purchasing an additional 184 shares during the period. Procyon Advisors LLC’s holdings in Wells Fargo & Company were worth $490,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. Next Level Private LLC bought a new position in Wells Fargo & Company in the first quarter worth $204,000. Consilio Wealth Advisors LLC raised its stake in shares of Wells Fargo & Company by 6.2% in the 1st quarter. Consilio Wealth Advisors LLC now owns 3,409 shares of the financial services provider’s stock valued at $245,000 after buying an additional 200 shares in the last quarter. Avity Investment Management Inc. lifted its holdings in shares of Wells Fargo & Company by 35.5% during the 1st quarter. Avity Investment Management Inc. now owns 4,775 shares of the financial services provider’s stock worth $343,000 after acquiring an additional 1,250 shares during the period. Generali Investments Management Co LLC lifted its holdings in shares of Wells Fargo & Company by 27.1% during the 1st quarter. Generali Investments Management Co LLC now owns 21,797 shares of the financial services provider’s stock worth $1,565,000 after acquiring an additional 4,641 shares during the period. Finally, Signal Advisors Wealth LLC increased its stake in Wells Fargo & Company by 19.3% in the first quarter. Signal Advisors Wealth LLC now owns 5,871 shares of the financial services provider’s stock valued at $421,000 after acquiring an additional 950 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.
Wells Fargo & Company Price Performance
WFC opened at $76.38 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market capitalization of $248.55 billion, a P/E ratio of 14.20, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company’s 50 day simple moving average is $70.42 and its 200-day simple moving average is $72.95. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate 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 return on equity of 12.38% and a net margin of 15.73%. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the firm earned $1.20 EPS. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.
Wells Fargo & Company Announces Dividend
The company also recently disclosed 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 annualized dividend and a yield of 2.09%. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.
Wells Fargo & Company announced that its Board of Directors has approved a stock repurchase program on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
A number of research analysts have commented on WFC shares. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, April 14th. Royal Bank of Canada upgraded 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 report on Thursday, March 13th. TD Cowen began coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a “hold” rating and a $83.00 price target on the stock. Citigroup cut their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Finally, Evercore ISI boosted their target price on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, June 4th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.48.
Read Our Latest Stock Analysis on WFC
Wells Fargo & 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.
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