Everhart Financial Group Inc. Has $1.40 Million Holdings in Wells Fargo & Company (NYSE:WFC)

Everhart Financial Group Inc. grew its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 5.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 19,490 shares of the financial services provider’s stock after buying an additional 926 shares during the period. Everhart Financial Group Inc.’s holdings in Wells Fargo & Company were worth $1,399,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company in the fourth quarter worth $26,000. Investment Counsel Co. of Nevada acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company during the 4th quarter worth about $28,000. McClarren Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $30,000. Finally, Rakuten Securities Inc. grew its stake in shares of Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after buying an additional 237 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 1.3%

WFC stock opened at $73.94 on Friday. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The stock has a market cap of $240.61 billion, a P/E ratio of 13.74, a P/E/G ratio of 1.18 and a beta of 1.16. The stock’s fifty day simple moving average is $71.22 and its two-hundred day simple moving average is $72.97. 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 results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. The company had revenue of $20.15 billion during 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%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. Analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its Board of Directors has initiated a stock 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 purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on WFC shares. Citigroup dropped their price target on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Bank of America upped their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, June 4th. Truist Financial cut their target price on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, April 14th. TD Cowen assumed coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They set a “hold” rating and a $83.00 price target for the company. Finally, The Goldman Sachs Group raised their price objective on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.68.

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.