Wells Fargo & Company (NYSE:WFC) Holdings Raised by Hanson & Doremus Investment Management

Hanson & Doremus Investment Management boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 354.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,751 shares of the financial services provider’s stock after acquiring an additional 1,366 shares during the period. Hanson & Doremus Investment Management’s holdings in Wells Fargo & Company were worth $126,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Rialto Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $28,000. Rakuten Securities Inc. grew its position in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $32,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $73.07 on Tuesday. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The company has a 50-day moving average of $71.65 and a 200-day moving average of $72.85. The firm has a market cap 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.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.20 EPS. Analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented 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 for the company in a research report on Thursday, March 13th. The Goldman Sachs Group upped their price target on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Raymond James cut their target price on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a research note on Monday, April 14th. TD Cowen initiated coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a “hold” rating and a $83.00 target price on the stock. Finally, Citigroup cut their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Seven equities research 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’s stock. According to MarketBeat.com, the stock currently has a consensus 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.