Smith Shellnut Wilson LLC ADV Grows Stake in Wells Fargo & Company (NYSE:WFC)

Smith Shellnut Wilson LLC ADV raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 1.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,891 shares of the financial services provider’s stock after purchasing an additional 504 shares during the period. Wells Fargo & Company accounts for approximately 1.0% of Smith Shellnut Wilson LLC ADV’s investment portfolio, making the stock its 26th biggest holding. Smith Shellnut Wilson LLC ADV’s holdings in Wells Fargo & Company were worth $2,218,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WFC. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company in the fourth quarter valued at about $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 purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $28,000. Rakuten Securities Inc. boosted its stake in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 237 shares in the last quarter. Finally, Parvin Asset Management LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $73.07 on Tuesday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The company has a fifty day moving average of $71.65 and a two-hundred day moving average of $72.85. The stock has a market capitalization of $237.78 billion, a PE ratio of 13.58, a P/E/G ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

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

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 paid a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.19%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.73%.

Wells Fargo & Company announced that its Board of Directors has initiated a share buyback program 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on WFC shares. Citigroup lowered 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. 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. TD Cowen began coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a “hold” rating and a $83.00 target price on the stock. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 4th. Finally, Barclays dropped their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.68.

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.