Sivia Capital Partners LLC Grows Stake in Wells Fargo & Company (NYSE:WFC)

Sivia Capital Partners LLC grew its holdings in Wells Fargo & Company (NYSE:WFC) by 6.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 8,401 shares of the financial services provider’s stock after acquiring an additional 475 shares during the quarter. Sivia Capital Partners LLC’s holdings in Wells Fargo & Company were worth $603,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Norges Bank acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $3,365,658,000. Capital Research Global Investors boosted its position in shares of Wells Fargo & Company by 932.0% in the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock valued at $1,105,218,000 after purchasing an additional 14,210,193 shares during the period. GAMMA Investing LLC boosted its position in shares of Wells Fargo & Company by 7,887.9% in the 1st quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider’s stock valued at $243,589,000 after purchasing an additional 3,350,605 shares during the period. Northern Trust Corp boosted its position in shares of Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after purchasing an additional 3,307,855 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $198,801,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research analyst reports. Morgan Stanley upped their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday. Raymond James decreased their price objective 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. Piper Sandler reaffirmed an “overweight” rating and set a $85.00 price objective (up from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday. TD Cowen assumed coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They set a “hold” rating and a $83.00 price objective for the company. Finally, Citigroup decreased their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $77.48.

Wells Fargo & Company Stock Up 2.0%

WFC opened at $76.38 on Friday. 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 business has a 50 day simple moving average of $70.42 and a 200-day simple moving average of $72.97. The stock has a market capitalization of $248.55 billion, a P/E ratio of 14.20, a P/E/G ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly 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. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. During the same period last year, the firm earned $1.20 EPS. The company’s quarterly 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 has authorized a stock repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s payout ratio 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.