Summa Corp. Acquires 324 Shares of Wells Fargo & Company (NYSE:WFC)

Summa Corp. increased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 3.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,024 shares of the financial services provider’s stock after purchasing an additional 324 shares during the quarter. Wells Fargo & Company makes up about 0.4% of Summa Corp.’s investment portfolio, making the stock its 28th biggest holding. Summa Corp.’s holdings in Wells Fargo & Company were worth $648,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Rialto Wealth Management LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $26,000. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company during the fourth quarter valued at approximately $28,000. BNP Paribas bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Rakuten Securities Inc. increased 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 worth $30,000 after purchasing an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $32,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $72.51 on Wednesday. The stock has a 50 day simple moving average of $71.77 and a 200 day simple moving average of $72.85. The stock has a market cap of $235.97 billion, a P/E ratio of 13.02, a PEG ratio of 1.23 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06.

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 12.15% and a net margin of 16.19%. 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. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

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

Wells Fargo & Company announced that its board has authorized a share repurchase plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows 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 management believes its shares are undervalued.

Analysts Set New Price Targets

WFC has been the subject of several analyst reports. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. JPMorgan Chase & Co. cut their price target on shares of 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. Bank of America lifted their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. Citigroup dropped their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Finally, Piper Sandler reiterated an “overweight” rating and set a $85.00 price target (up previously from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average 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.