Simon Quick Advisors LLC Has $1.33 Million Position in Wells Fargo & Company (NYSE:WFC)

Simon Quick Advisors LLC boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 34.3% during the first quarter, Holdings Channel reports. The institutional investor owned 18,485 shares of the financial services provider’s stock after acquiring an additional 4,720 shares during the quarter. Simon Quick Advisors LLC’s holdings in Wells Fargo & Company were worth $1,327,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. McKinley Carter Wealth Services Inc. boosted its stake in Wells Fargo & Company by 24.1% during the first quarter. McKinley Carter Wealth Services Inc. now owns 4,671 shares of the financial services provider’s stock worth $335,000 after buying an additional 907 shares in the last quarter. Trinity Financial Advisors LLC boosted its stake in Wells Fargo & Company by 1.9% during the first quarter. Trinity Financial Advisors LLC now owns 24,706 shares of the financial services provider’s stock worth $1,774,000 after buying an additional 454 shares in the last quarter. Focus Financial Network Inc. boosted its stake in Wells Fargo & Company by 0.6% during the first quarter. Focus Financial Network Inc. now owns 53,434 shares of the financial services provider’s stock worth $3,836,000 after buying an additional 309 shares in the last quarter. Donaldson Capital Management LLC acquired a new stake in Wells Fargo & Company during the first quarter worth $281,000. Finally, Leonard Rickey Investment Advisors P.L.L.C. boosted its stake in Wells Fargo & Company by 7.1% during the first quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 6,452 shares of the financial services provider’s stock worth $463,000 after buying an additional 426 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research note on Thursday, March 13th. Truist Financial reduced 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. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, April 14th. JPMorgan Chase & Co. reduced 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 note on Thursday, April 3rd. Finally, TD Cowen assumed coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They issued a “hold” rating and a $83.00 target price on the stock. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $77.68.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $73.94 on Friday. The stock has a 50-day simple moving average of $71.22 and a 200 day simple moving average of $72.97. 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 has a 12-month low of $50.15 and a 12-month high of $81.50. The stock has a market capitalization of $240.61 billion, a price-to-earnings ratio of 13.74, a P/E/G ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its quarterly 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. 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 in the previous year, the business posted $1.20 earnings per share. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.16%. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

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

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.