Summit X LLC Purchases 1,570 Shares of Wells Fargo & Company (NYSE:WFC)

Summit X LLC lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 39.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,528 shares of the financial services provider’s stock after buying an additional 1,570 shares during the period. Summit X LLC’s holdings in Wells Fargo & Company were worth $397,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Investment Counsel Co. of Nevada bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $28,000. BNP Paribas bought a new position in Wells Fargo & Company in the fourth quarter valued at $28,000. Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $32,000. Dunhill Financial LLC lifted its position in Wells Fargo & Company by 63.7% during the 4th quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider’s stock worth $35,000 after buying an additional 193 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $35,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. The Goldman Sachs Group dropped their target price on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. dropped their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Bank of America raised their target price 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. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday. Finally, Barclays dropped their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $80.39.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $79.90 on Thursday. The firm has a 50-day moving average price of $76.85 and a two-hundred day moving average price of $74.05. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $83.95. The company has a market capitalization of $260.00 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.33 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 issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.33% and a net margin of 16.82%. The company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same quarter last year, the company posted $1.33 EPS. The company’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.00%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.73%.

Wells Fargo & Company announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback 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.