Portside Wealth Group LLC Grows Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Portside Wealth Group LLC grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,588 shares of the financial services provider’s stock after buying an additional 441 shares during the quarter. Portside Wealth Group LLC’s holdings in Wells Fargo & Company were worth $3,975,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Rialto Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $26,000. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $28,000. BNP Paribas bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $28,000. Rakuten Securities Inc. raised its holdings in 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 during the period. Finally, McClarren Financial Advisors Inc. purchased a new position in Wells Fargo & Company during the fourth quarter valued at $30,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on WFC shares. Raymond James reduced their price target on 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. Truist Financial decreased their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, April 7th. Piper Sandler decreased their price objective on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Finally, 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. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $75.73.

Wells Fargo & Company Stock Up 1.3%

Shares of NYSE:WFC opened at $75.67 on Wednesday. The company has a 50-day moving average price of $70.17 and a 200 day moving average price of $72.93. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a market cap of $246.26 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping 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 analyst estimates of $20.82 billion. During the same period in the previous year, the firm earned $1.20 earnings per share. Wells Fargo & Company’s quarterly revenue was down 3.4% compared to the same quarter last year. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.11%. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

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.