QRG Capital Management Inc. Buys 43,092 Shares of Wells Fargo & Company (NYSE:WFC)

QRG Capital Management Inc. grew its position in Wells Fargo & Company (NYSE:WFC) by 5.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 815,384 shares of the financial services provider’s stock after purchasing an additional 43,092 shares during the period. Wells Fargo & Company comprises approximately 0.6% of QRG Capital Management Inc.’s holdings, making the stock its 25th biggest holding. QRG Capital Management Inc.’s holdings in Wells Fargo & Company were worth $58,536,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rialto Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $26,000. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company during the 4th quarter worth about $28,000. BNP Paribas acquired a new position in Wells Fargo & Company during the 4th quarter worth about $28,000. Rakuten Securities Inc. lifted its position in Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after buying an additional 237 shares in the last quarter. Finally, Parvin Asset Management LLC acquired a new position in Wells Fargo & Company during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on WFC shares. JPMorgan Chase & Co. cut their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Truist Financial cut their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research report on Thursday, March 13th. Barclays cut their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Finally, Citigroup lowered their price target on 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. 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.68.

Wells Fargo & Company Trading Down 2.3%

NYSE WFC opened at $72.31 on Monday. The company has a market cap of $235.31 billion, a PE ratio of 13.44, a PEG ratio of 1.18 and a beta of 1.16. 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 has a 12 month low of $50.15 and a 12 month high of $81.50. The stock has a 50 day moving average of $71.42 and a 200-day moving average of $72.87.

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, topping the consensus estimate of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.20 EPS. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

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

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s payout ratio is 28.73%.

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.