City National Bank of Florida MSD Purchases New Holdings in Wells Fargo & Company (NYSE:WFC)

City National Bank of Florida MSD acquired a new position in Wells Fargo & Company (NYSE:WFC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 11,924 shares of the financial services provider’s stock, valued at approximately $838,000. Wells Fargo & Company comprises about 0.8% of City National Bank of Florida MSD’s investment portfolio, making the stock its 22nd largest holding.

Several other institutional investors have also added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $26,000. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company in the fourth quarter worth $28,000. BNP Paribas purchased a new stake in Wells Fargo & Company in the fourth quarter worth $28,000. Rakuten Securities Inc. lifted its position in shares of 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 purchasing an additional 237 shares during the last quarter. Finally, McClarren Financial Advisors Inc. purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at $30,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 3.1%

NYSE:WFC opened at $73.20 on Thursday. The company’s 50-day simple moving average is $69.93 and its 200-day simple moving average is $72.69. 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 fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock has a market capitalization of $238.19 billion, a P/E ratio of 13.61, a P/E/G ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share 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 during the quarter, compared to the consensus estimate of $20.82 billion. During the same period last year, the firm earned $1.20 earnings per share. Wells Fargo & Company’s revenue was down 3.4% compared to the same quarter last year. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a stock buyback plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be given a $0.40 dividend. The ex-dividend date is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.19%. Wells Fargo & Company’s payout ratio is 28.73%.

Analysts Set New Price Targets

WFC has been the topic of several recent analyst reports. Raymond James reduced their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a research note on Monday, April 14th. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research note on Thursday, March 13th. Barclays decreased their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Truist Financial lowered their price target on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Piper Sandler decreased their target price on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Seven investment 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 company’s stock. According to MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average price target of $75.73.

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.