Ethic Inc. Buys 4,581 Shares of Wells Fargo & Company (NYSE:WFC)

Ethic Inc. increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 8.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,629 shares of the financial services provider’s stock after acquiring an additional 4,581 shares during the quarter. Ethic Inc.’s holdings in Wells Fargo & Company were worth $4,181,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of WFC. BNP Paribas bought a new stake in Wells Fargo & Company in the 4th quarter valued at $28,000. Motco increased its holdings in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after buying an additional 326 shares during the period. Accent Capital Management LLC bought a new stake in Wells Fargo & Company in the 1st quarter valued at $29,000. Parvin Asset Management LLC bought a new stake in Wells Fargo & Company in the 4th quarter valued at $32,000. Finally, Stone House Investment Management LLC bought a new stake in Wells Fargo & Company in the 1st quarter valued at $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 2.9%

Shares of NYSE:WFC opened at $77.09 on Friday. Wells Fargo & Company has a 12 month low of $50.22 and a 12 month high of $84.83. The company’s 50-day moving average price is $79.21 and its two-hundred day moving average price is $74.97. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a market cap of $246.95 billion, a P/E ratio of 13.20, a P/E/G ratio of 1.20 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the firm earned $1.33 EPS. The company’s revenue was up .6% on a year-over-year basis. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its board has initiated a share repurchase plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, August 8th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio is currently 30.82%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Wells Fargo & Company from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. Evercore ISI reaffirmed an “outperform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, The Goldman Sachs Group lowered their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $81.58.

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.