Wells Fargo & Company (NYSE:WFC) Shares Acquired by Horst & Graben Wealth Management LLC

Horst & Graben Wealth Management LLC boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 6.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,045 shares of the financial services provider’s stock after purchasing an additional 190 shares during the period. Horst & Graben Wealth Management LLC’s holdings in Wells Fargo & Company were worth $219,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. RKL Wealth Management LLC lifted its stake in shares of Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 5,113 shares in the last quarter. Cornerstone Advisors LLC boosted its stake in shares of Wells Fargo & Company by 2.1% during the 4th quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider’s stock valued at $14,343,000 after buying an additional 4,200 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Wells Fargo & Company by 12.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider’s stock worth $45,783,000 after buying an additional 70,104 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Wells Fargo & Company by 12.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,150,595 shares of the financial services provider’s stock worth $80,818,000 after buying an additional 122,899 shares in the last quarter. Finally, Catalyst Funds Management Pty Ltd increased its stake in shares of Wells Fargo & Company by 102.2% in the fourth quarter. Catalyst Funds Management Pty Ltd now owns 83,100 shares of the financial services provider’s stock worth $5,837,000 after buying an additional 42,000 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 1.2%

Wells Fargo & Company stock opened at $83.32 on Monday. The firm has a 50-day moving average price of $75.34 and a two-hundred day moving average price of $73.50. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $83.95. The firm has a market capitalization of $271.12 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 1.40 and a beta of 1.16. 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 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. The firm had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 EPS. Sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 1.92%. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Wells Fargo & Company announced that its Board of Directors has authorized a share repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday. TD Cowen started coverage on Wells Fargo & Company in a report on Thursday, May 15th. They issued a “hold” rating and a $83.00 price objective for the company. Evercore ISI increased their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, June 4th. Morgan Stanley boosted their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a report on Wednesday, June 4th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Eight investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.33.

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.