Vident Advisory LLC Buys 27,235 Shares of Wells Fargo & Company (NYSE:WFC)

Vident Advisory LLC increased its stake in Wells Fargo & Company (NYSE:WFC) by 31.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 114,706 shares of the financial services provider’s stock after purchasing an additional 27,235 shares during the quarter. Vident Advisory LLC’s holdings in Wells Fargo & Company were worth $8,057,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Vivaldi Capital Management LP bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $209,000. Westwood Holdings Group Inc. raised its holdings in shares of Wells Fargo & Company by 17.9% in the 4th quarter. Westwood Holdings Group Inc. now owns 1,813,129 shares of the financial services provider’s stock worth $127,354,000 after purchasing an additional 275,435 shares during the period. Twinbeech Capital LP bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $2,693,000. Theleme Partners LLP bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $187,049,000. Finally, Stonebrook Private Inc. grew its stake in Wells Fargo & Company by 6.5% in the 4th quarter. Stonebrook Private Inc. now owns 4,039 shares of the financial services provider’s stock valued at $284,000 after buying an additional 248 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 0.2%

WFC opened at $76.05 on Tuesday. The company has a fifty day moving average price of $69.74 and a 200-day moving average price of $72.67. The firm has a market capitalization of $247.48 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same period in the previous year, the firm posted $1.20 EPS. The firm’s revenue was down 3.4% compared to the same quarter last year. Equities 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 has initiated a share repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase 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 stock is undervalued.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Citigroup reduced their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research note on Thursday, March 13th. Piper Sandler reduced their price objective on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Truist Financial reduced their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, April 7th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $75.73.

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.