Proathlete Wealth Management LLC Takes $121,000 Position in Wells Fargo & Company (NYSE:WFC)

Proathlete Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 1st quarter, Holdings Channel.com reports. The fund purchased 1,681 shares of the financial services provider’s stock, valued at approximately $121,000.

Several other hedge funds have also modified their holdings of the stock. Norges Bank bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $3,365,658,000. Northern Trust Corp grew its stake in shares of Wells Fargo & Company by 10.7% during the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Wells Fargo & Company by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider’s stock valued at $1,430,742,000 after purchasing an additional 238,131 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock valued at $1,105,218,000 after purchasing an additional 14,210,193 shares during the last quarter. Finally, Capital World Investors grew its stake in shares of Wells Fargo & Company by 0.4% during the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider’s stock valued at $977,338,000 after purchasing an additional 62,099 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on WFC shares. Barclays decreased their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. Royal Bank Of Canada raised shares of 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 note on Thursday, March 13th. Bank of America raised their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Finally, Citigroup reduced their price objective on shares of 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 given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $77.98.

Wells Fargo & Company Trading Up 3.1%

Shares of NYSE WFC opened at $74.74 on Friday. The company’s fifty day moving average is $72.16 and its 200-day moving average is $72.86. The stock has a market cap of $243.21 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 1.25 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.20 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

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 given a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.14%. Wells Fargo & Company’s dividend payout ratio is 28.73%.

Wells Fargo & Company announced that its board has approved a stock repurchase plan 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 purchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is 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.