Ghe LLC Purchases 510 Shares of Wells Fargo & Company (NYSE:WFC)

Ghe LLC grew its stake in shares of Wells Fargo & Company (NYSE:WFC) by 20.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,028 shares of the financial services provider’s stock after acquiring an additional 510 shares during the period. Ghe LLC’s holdings in Wells Fargo & Company were worth $217,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of WFC. Atria Investments Inc increased its holdings in Wells Fargo & Company by 3.5% during the first quarter. Atria Investments Inc now owns 229,099 shares of the financial services provider’s stock valued at $16,447,000 after buying an additional 7,752 shares during the period. One Wealth Advisors LLC grew its holdings in Wells Fargo & Company by 19.4% in the first quarter. One Wealth Advisors LLC now owns 33,102 shares of the financial services provider’s stock worth $2,376,000 after purchasing an additional 5,374 shares during the last quarter. Journey Strategic Wealth LLC grew its holdings in shares of Wells Fargo & Company by 4.0% during the first quarter. Journey Strategic Wealth LLC now owns 18,112 shares of the financial services provider’s stock valued at $1,300,000 after buying an additional 697 shares during the last quarter. Carnegie Investment Counsel grew its holdings in shares of Wells Fargo & Company by 11.5% during the first quarter. Carnegie Investment Counsel now owns 28,944 shares of the financial services provider’s stock valued at $2,078,000 after buying an additional 2,985 shares during the last quarter. Finally, Dorsey Wright & Associates purchased a new stake in shares of Wells Fargo & Company during the first quarter valued at $1,975,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Truist Financial boosted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. JPMorgan Chase & Co. decreased their target price 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 reiterated a “neutral” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus price target of $80.39.

Wells Fargo & Company Trading Up 0.8%

Shares of WFC stock traded up $0.66 during trading hours on Thursday, hitting $84.36. The company had a trading volume of 4,414,174 shares, compared to its average volume of 17,645,549. The company’s fifty day moving average is $77.53 and its 200 day moving average is $74.42. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $84.45. The stock has a market capitalization of $274.53 billion, a PE ratio of 14.46, a price-to-earnings-growth ratio of 1.28 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business earned $1.33 EPS. Research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company announced that its Board of Directors has authorized a share buyback plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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 $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 1.90%. Wells Fargo & Company’s payout ratio is 27.40%.

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.