CVA Family Office LLC Purchases 602 Shares of Wells Fargo & Company (NYSE:WFC)

CVA Family Office LLC increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 10.1% during the first quarter, HoldingsChannel.com reports. The firm owned 6,571 shares of the financial services provider’s stock after buying an additional 602 shares during the period. CVA Family Office LLC’s holdings in Wells Fargo & Company were worth $472,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Valmark Advisers Inc. increased its position in shares of Wells Fargo & Company by 5.5% during the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock valued at $583,000 after purchasing an additional 431 shares during the period. Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $1,656,000. Modera Wealth Management LLC increased its position in shares of Wells Fargo & Company by 14.1% during the fourth quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider’s stock valued at $1,444,000 after purchasing an additional 2,548 shares during the period. Cornerstone Advisors LLC increased its position in shares of Wells Fargo & Company by 2.1% during the fourth quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider’s stock valued at $14,343,000 after purchasing an additional 4,200 shares during the period. Finally, Jessup Wealth Management Inc bought a new stake in Wells Fargo & Company in the fourth quarter valued at $224,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $72.31 on Friday. 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 has a market cap of $235.31 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.18 and a beta of 1.16. The business’s fifty day moving average is $71.42 and its two-hundred day moving average is $72.90. 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 quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (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 for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the prior year, the firm posted $1.20 earnings per share. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. Equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Analyst Ratings Changes

A number of analysts have weighed in on WFC shares. Piper Sandler reiterated an “overweight” rating and issued a $85.00 price target (up from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. JPMorgan Chase & Co. lowered their price target on 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. Evercore ISI upped their price target on Wells Fargo & Company from $72.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, June 4th. Bank of America upped their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. Finally, Raymond James lowered their price target on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a research report on Monday, April 14th. Seven research 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. According to MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and an average price target of $77.68.

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.