Wood Tarver Financial Group LLC Takes $514,000 Position in Wells Fargo & Company (NYSE:WFC)

Wood Tarver Financial Group LLC bought a new stake in Wells Fargo & Company (NYSE:WFC) in the fourth quarter, Holdings Channel reports. The institutional investor bought 7,327 shares of the financial services provider’s stock, valued at approximately $514,000.

A number of other institutional investors also recently modified their holdings of WFC. Spinnaker Trust increased its holdings in shares of Wells Fargo & Company by 1.8% in the fourth quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock valued at $520,000 after purchasing an additional 130 shares in the last quarter. Shakespeare Wealth Management LLC boosted its position in shares of Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock worth $972,000 after purchasing an additional 130 shares during the last quarter. MONECO Advisors LLC grew its stake in shares of Wells Fargo & Company by 1.9% during the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock worth $493,000 after purchasing an additional 134 shares during the period. Safeguard Investment Advisory Group LLC grew its stake in shares of Wells Fargo & Company by 2.4% during the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 137 shares during the period. Finally, Crown Wealth Group LLC grew its stake in shares of Wells Fargo & Company by 2.2% during the fourth quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 140 shares during the period. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on WFC. TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a “hold” rating and a $83.00 price objective for the company. Bank of America decreased their price objective on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Piper Sandler decreased their price target on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Raymond James decreased 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. Finally, Citigroup decreased their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Seven investment 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Wells Fargo & Company Stock Down 0.7%

Shares of WFC stock opened at $72.86 on Tuesday. 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 firm’s 50-day moving average is $70.01 and its 200-day moving average is $72.86. The stock has a market cap of $237.09 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results 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 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 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 EPS. Sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its Board of Directors has approved a share buyback plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors 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 dividend on an annualized basis and a yield of 2.20%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.73%.

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.