Wells Fargo & Company (NYSE:WFC) Shares Acquired by Carnegie Lake Advisors LLC

Carnegie Lake Advisors LLC grew its holdings in Wells Fargo & Company (NYSE:WFC) by 4.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,588 shares of the financial services provider’s stock after purchasing an additional 570 shares during the period. Carnegie Lake Advisors LLC’s holdings in Wells Fargo & Company were worth $1,047,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Shakespeare Wealth Management LLC grew its holdings in shares of Wells Fargo & Company by 0.9% during the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock valued at $972,000 after purchasing an additional 130 shares during the last quarter. Safeguard Investment Advisory Group LLC grew its holdings in shares of Wells Fargo & Company by 2.4% during the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock valued at $410,000 after purchasing an additional 137 shares during the last quarter. Nwam LLC grew its holdings in shares of Wells Fargo & Company by 1.6% during the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider’s stock valued at $632,000 after purchasing an additional 142 shares during the last quarter. Jaffetilchin Investment Partners LLC grew its holdings in shares of Wells Fargo & Company by 0.6% during the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider’s stock valued at $1,580,000 after purchasing an additional 144 shares during the last quarter. Finally, Zullo Investment Group Inc. grew its holdings in shares of Wells Fargo & Company by 2.4% during the first quarter. Zullo Investment Group Inc. now owns 6,327 shares of the financial services provider’s stock valued at $454,000 after purchasing an additional 147 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 1.2%

NYSE WFC opened at $80.64 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $262.42 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.33 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $83.95. The firm’s fifty day simple moving average is $77.14 and its 200-day simple moving average is $74.18.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the business earned $1.33 earnings per share. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company announced that its board has approved a share repurchase program on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire 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 shares are undervalued.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.98%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 27.40%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on WFC. Morgan Stanley increased their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Citigroup reissued a “neutral” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. TD Cowen began 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. Finally, Cowen reissued a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $80.39.

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.