Griffith & Werner Inc. Makes New $2.38 Million Investment in Wells Fargo & Company (NYSE:WFC)

Griffith & Werner Inc. acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 4th quarter, Holdings Channel reports. The firm acquired 33,847 shares of the financial services provider’s stock, valued at approximately $2,377,000. Wells Fargo & Company accounts for 1.6% of Griffith & Werner Inc.’s holdings, making the stock its 23rd biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in WFC. Castlekeep Investment Advisors LLC bought a new stake in Wells Fargo & Company in the fourth quarter worth about $2,802,000. GF Fund Management CO. LTD. bought a new stake in Wells Fargo & Company in the fourth quarter worth $425,000. Parr Mcknight Wealth Management Group LLC bought a new position in Wells Fargo & Company during the 4th quarter worth approximately $523,000. WCG Wealth Advisors LLC increased its stake in shares of Wells Fargo & Company by 3.2% in the fourth quarter. WCG Wealth Advisors LLC now owns 47,635 shares of the financial services provider’s stock worth $3,346,000 after buying an additional 1,463 shares during the period. Finally, McMill Wealth Management bought a new position in Wells Fargo & Company during the 4th quarter valued at approximately $242,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $72.86 on Friday. The stock has a market cap of $237.09 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The stock has a 50 day moving average of $70.01 and a two-hundred day moving average of $72.82. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

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 for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the firm posted $1.20 EPS. On average, research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company’s payout ratio is 28.73%.

Wells Fargo & Company declared that its board has initiated a stock repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on WFC shares. Truist Financial dropped their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Raymond James dropped their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a report on Monday, April 14th. Piper Sandler cut their price objective on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. reduced their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Finally, Citigroup dropped their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.