tru Independence LLC Boosts Stock Position in Wells Fargo & Company (NYSE:WFC)

tru Independence LLC raised its stake in Wells Fargo & Company (NYSE:WFC) by 7.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,259 shares of the financial services provider’s stock after purchasing an additional 301 shares during the period. tru Independence LLC’s holdings in Wells Fargo & Company were worth $306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Shakespeare Wealth Management LLC grew its stake in Wells Fargo & Company by 0.9% in the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock valued at $972,000 after purchasing an additional 130 shares during the last quarter. Safeguard Investment Advisory Group LLC boosted its holdings in Wells Fargo & Company by 2.4% in the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after acquiring an additional 137 shares in the last quarter. Jaffetilchin Investment Partners LLC boosted its holdings in Wells Fargo & Company by 0.6% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider’s stock worth $1,580,000 after acquiring an additional 144 shares in the last quarter. TCTC Holdings LLC boosted its holdings in Wells Fargo & Company by 2.1% in the fourth quarter. TCTC Holdings LLC now owns 7,525 shares of the financial services provider’s stock worth $529,000 after acquiring an additional 152 shares in the last quarter. Finally, Highline Wealth Partners LLC boosted its holdings in Wells Fargo & Company by 1.1% in the first quarter. Highline Wealth Partners LLC now owns 13,815 shares of the financial services provider’s stock worth $992,000 after acquiring an additional 156 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 0.2%

Shares of NYSE:WFC opened at $81.78 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The business has a fifty day moving average of $76.03 and a two-hundred day moving average of $73.70. The stock has a market cap of $266.13 billion, a P/E ratio of 14.68, a PEG ratio of 1.37 and a beta of 1.16. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $83.95.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) 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 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 firm’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.20 EPS. On average, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its board has initiated a stock buyback program 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 reacquire up to 17.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.96%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s payout ratio is currently 28.73%.

Analysts Set New Price Targets

Several brokerages have weighed in on WFC. Barclays lowered their price target on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Morgan Stanley raised their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. Royal Bank Of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a report on Thursday, March 13th. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Eight analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average target price of $78.98.

Wells Fargo & Company 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.