South Plains Financial Inc. Has $225,000 Holdings in Wells Fargo & Company $WFC

South Plains Financial Inc. lessened its stake in Wells Fargo & Company (NYSE:WFC) by 22.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,139 shares of the financial services provider’s stock after selling 899 shares during the quarter. South Plains Financial Inc.’s holdings in Wells Fargo & Company were worth $225,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Safeguard Investment Advisory Group LLC boosted its holdings in shares of Wells Fargo & Company by 2.4% in 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 buying an additional 137 shares during the period. Summit Wealth & Retirement Planning Inc. boosted its holdings in Wells Fargo & Company by 4.3% during the first quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider’s stock worth $241,000 after purchasing an additional 139 shares during the last quarter. Nwam LLC boosted its holdings in Wells Fargo & Company by 1.6% during the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider’s stock worth $632,000 after purchasing an additional 142 shares during the last quarter. PGIM Custom Harvest LLC boosted its holdings in Wells Fargo & Company by 3.5% during the first quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 142 shares during the last quarter. Finally, Tradition Wealth Management LLC boosted its holdings in Wells Fargo & Company by 0.5% during the first quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider’s stock worth $2,184,000 after purchasing an additional 143 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on WFC shares. The Goldman Sachs Group reduced 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 report on Wednesday, July 16th. Phillip Securities cut shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. TD Cowen assumed coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They issued a “hold” rating and a $83.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 4th. Eleven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.58.

Wells Fargo & Company Price Performance

Shares of WFC opened at $79.0680 on Monday. The firm has a market capitalization of $253.29 billion, a PE ratio of 13.54, a PEG ratio of 1.23 and a beta of 1.20. The company’s 50-day moving average is $79.55 and its 200-day moving average is $74.88. Wells Fargo & Company has a fifty-two week low of $50.22 and a fifty-two week high of $84.83. 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 (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate 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 company’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 earnings per share. Equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, August 8th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company’s payout ratio is currently 30.82%.

Wells Fargo & Company declared that its Board of Directors has authorized a stock buyback plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are 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.