HWG Holdings LP Acquires Shares of 525 Wells Fargo & Company (NYSE:WFC)

HWG Holdings LP acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 525 shares of the financial services provider’s stock, valued at approximately $38,000.

Other hedge funds have also recently bought and sold shares of the company. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $26,000. Investment Counsel Co. of Nevada acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. BNP Paribas acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. Rakuten Securities Inc. grew its position in shares of 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 acquiring an additional 237 shares in the last quarter. Finally, Parvin Asset Management LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $75.33 on Monday. The company has a market cap of $245.14 billion, a P/E ratio of 13.52, a PEG ratio of 1.26 and a beta of 1.16. The business has a 50-day moving average price of $72.42 and a two-hundred day moving average price of $72.86. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50.

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, beating the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The business had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. During the same quarter last year, the firm earned $1.20 EPS. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

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

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s payout ratio is 28.73%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on WFC shares. Morgan Stanley lifted their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 4th. JPMorgan Chase & Co. decreased their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Piper Sandler reiterated an “overweight” rating and issued a $85.00 target price (up previously from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. TD Cowen began coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a “hold” rating and a $83.00 target price for the company. Finally, Bank of America boosted their price objective 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. 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.98.

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.