Cyndeo Wealth Partners LLC Buys 248 Shares of Wells Fargo & Company (NYSE:WFC)

Cyndeo Wealth Partners LLC increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,767 shares of the financial services provider’s stock after buying an additional 248 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Wells Fargo & Company were worth $988,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company in the fourth quarter worth $26,000. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company in the fourth quarter worth $28,000. BNP Paribas purchased a new position in Wells Fargo & Company in the fourth quarter worth $28,000. Rakuten Securities Inc. boosted its position in Wells Fargo & Company by 126.7% in the fourth 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 last quarter. Finally, Parvin Asset Management LLC purchased a new position in Wells Fargo & Company in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on WFC. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research report on Thursday, March 13th. Citigroup dropped their price target on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. JPMorgan Chase & Co. dropped 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. The Goldman Sachs Group upped their price target on Wells Fargo & Company from $76.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, 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. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $77.68.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $73.07 on Tuesday. The stock’s 50-day simple moving average is $71.65 and its 200 day simple moving average is $72.85. The stock has a market capitalization of $237.78 billion, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. 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 data 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 for the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 EPS. Research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.19%. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

Wells Fargo & Company declared that its Board of Directors has authorized a share repurchase program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.