Donaldson Capital Management LLC Takes $281,000 Position in Wells Fargo & Company (NYSE:WFC)

Donaldson Capital Management LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 3,919 shares of the financial services provider’s stock, valued at approximately $281,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of WFC. Rialto Wealth Management LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $26,000. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. BNP Paribas purchased a new position in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. McClarren Financial Advisors Inc. acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $30,000. Finally, Rakuten Securities Inc. lifted its position in shares of Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after buying an additional 237 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.7%

NYSE WFC opened at $74.95 on Thursday. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The firm has a 50-day moving average price of $70.98 and a 200 day moving average price of $72.99. The stock has a market capitalization of $243.90 billion, a P/E ratio of 13.93, a P/E/G ratio of 1.18 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

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, topping analysts’ consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 EPS. Equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its board has authorized a share buyback program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s payout ratio is 28.73%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on WFC shares. JPMorgan Chase & Co. dropped their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Piper Sandler reissued an “overweight” rating and issued a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Evercore ISI lifted their price target on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. The Goldman Sachs Group increased their price objective on Wells Fargo & Company from $76.00 to $86.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Morgan Stanley upped their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target of $77.68.

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.