Buck Wealth Strategies LLC Makes New Investment in Wells Fargo & Company (NYSE:WFC)

Buck Wealth Strategies LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,269 shares of the financial services provider’s stock, valued at approximately $235,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rialto Wealth Management LLC bought a new position in Wells Fargo & Company in the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada bought a new position in Wells Fargo & Company in the 4th quarter worth approximately $28,000. BNP Paribas bought a new position in Wells Fargo & Company in the 4th quarter worth approximately $28,000. Rakuten Securities Inc. boosted its stake in Wells Fargo & Company by 126.7% in the 4th 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 period. Finally, Parvin Asset Management LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $32,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $75.33 on Friday. The stock’s fifty day moving average is $72.42 and its 200 day moving average is $72.86. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The firm has a market capitalization of $245.14 billion, a PE ratio of 13.52, a PEG ratio of 1.26 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last released its 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. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter last year, the firm posted $1.20 earnings per share. The business’s revenue was down 3.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its board 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 buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

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 was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.12%. Wells Fargo & Company’s payout ratio is 28.73%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on WFC shares. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Wells Fargo & Company in a report on Wednesday. Truist Financial decreased their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. decreased their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. The Goldman Sachs Group upped their price objective on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Finally, Evercore ISI upped their price objective on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, June 4th. Seven 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.98.

About Wells Fargo & Company

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.