Vivaldi Capital Management LP Buys Shares of 2,687 Wells Fargo & Company (NYSE:WFC)

Vivaldi Capital Management LP bought a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the fourth quarter, HoldingsChannel.com reports. The firm bought 2,687 shares of the financial services provider’s stock, valued at approximately $209,000.

Other hedge funds have also added to or reduced their stakes in the company. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $26,000. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $28,000. BNP Paribas bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $28,000. McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $30,000. Finally, Rakuten Securities Inc. grew its position in shares of Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 237 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 0.2%

WFC opened at $76.05 on Tuesday. The firm has a 50-day simple moving average of $69.74 and a two-hundred day simple moving average of $72.67. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The company has a market capitalization of $247.48 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate 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 business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The business’s revenue was down 3.4% on a year-over-year basis. Analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on WFC shares. Bank of America cut their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Barclays cut their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Raymond James dropped their target price on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a report on Monday, April 14th. Finally, Truist Financial dropped their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a report on Monday, April 14th. Seven 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.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average price target of $75.73.

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.