Congress Park Capital LLC Raises Stock Position in Wells Fargo & Company (NYSE:WFC)

Congress Park Capital LLC increased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 8.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,151 shares of the financial services provider’s stock after purchasing an additional 2,391 shares during the period. Congress Park Capital LLC’s holdings in Wells Fargo & Company were worth $2,308,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Wells Fargo & Company during the 4th quarter worth approximately $3,365,658,000. Capital Research Global Investors increased its position in shares of Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock worth $1,105,218,000 after acquiring an additional 14,210,193 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Wells Fargo & Company by 7,887.9% in the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider’s stock worth $243,589,000 after acquiring an additional 3,350,605 shares in the last quarter. Northern Trust Corp boosted its holdings in Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $198,801,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WFC has been the topic of a number of recent analyst reports. Morgan Stanley upped their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. The Goldman Sachs Group lifted their price target on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Evercore ISI upped their price target on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, June 4th. JPMorgan Chase & Co. decreased their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Finally, 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 note on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $77.98.

Wells Fargo & Company Stock Performance

WFC opened at $74.74 on Friday. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month 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. The stock has a market cap of $243.21 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 1.25 and a beta of 1.16. The business’s 50 day moving average is $72.16 and its 200-day moving average is $72.86.

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, beating 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 net margin of 16.19% and a return on equity of 12.15%. Wells Fargo & Company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company earned $1.20 EPS. On average, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company declared that its board has initiated a stock buyback plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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.