Forte Capital LLC ADV Acquires 499 Shares of Wells Fargo & Company (NYSE:WFC)

Forte Capital LLC ADV grew its position in Wells Fargo & Company (NYSE:WFC) by 10.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 5,074 shares of the financial services provider’s stock after buying an additional 499 shares during the period. Forte Capital LLC ADV’s holdings in Wells Fargo & Company were worth $364,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company during the fourth quarter worth $28,000. Parvin Asset Management LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth $32,000. Dunhill Financial LLC boosted its position in shares of Wells Fargo & Company by 63.7% during the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 193 shares during the last quarter. Finally, Orion Capital Management LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth $35,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on WFC shares. The Goldman Sachs Group dropped their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research report on Wednesday. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. JPMorgan Chase & Co. lowered their price objective on shares of 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. Finally, Citigroup restated a “neutral” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Eight research 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. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target of $80.39.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $79.69 on Friday. Wells Fargo & Company has a one year low of $50.15 and a one year high of $83.95. 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 business has a fifty day moving average of $76.98 and a two-hundred day moving average of $74.11. The company has a market cap of $259.33 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 1.35 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 EPS. As a group, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a share buyback plan 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 repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is currently 27.40%.

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.