Perigon Wealth Management LLC Has $10.52 Million Holdings in Wells Fargo & Company (NYSE:WFC)

Perigon Wealth Management LLC cut its stake in Wells Fargo & Company (NYSE:WFC) by 25.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 146,488 shares of the financial services provider’s stock after selling 50,699 shares during the period. Perigon Wealth Management LLC’s holdings in Wells Fargo & Company were worth $10,516,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC acquired a new position in Wells Fargo & Company in the 4th quarter worth $26,000. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company in the 4th quarter worth $28,000. BNP Paribas acquired a new position in Wells Fargo & Company in the 4th quarter worth $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 acquired a new position in Wells Fargo & Company in the 4th quarter worth $32,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Citigroup reduced their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 4th. Piper Sandler reissued an “overweight” rating and set a $85.00 price target (up from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. Finally, 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 target on the stock in a research report on Thursday, March 13th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $77.98.

Wells Fargo & Company Stock Up 1.2%

Shares of WFC stock opened at $79.08 on Thursday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The firm’s 50-day moving average is $73.27 and its 200-day moving average is $72.96. The stock has a market cap of $257.34 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.31 and a beta of 1.16. 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 earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. During the same period in the prior year, the firm earned $1.20 EPS. Wells Fargo & Company’s quarterly revenue was down 3.4% compared to the same quarter last year. Sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Wells Fargo & Company declared that its Board of Directors has authorized a share buyback program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.