Wells Fargo & Company (NYSE:WFC) Shares Acquired by Seven Mile Advisory

Seven Mile Advisory increased its stake in Wells Fargo & Company (NYSE:WFC) by 5.8% during the 1st quarter, Holdings Channel.com reports. The fund owned 7,019 shares of the financial services provider’s stock after buying an additional 383 shares during the period. Seven Mile Advisory’s holdings in Wells Fargo & Company were worth $504,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Ethos Financial Group LLC boosted its position in shares of Wells Fargo & Company by 20.4% in the first quarter. Ethos Financial Group LLC now owns 2,851 shares of the financial services provider’s stock worth $201,000 after acquiring an additional 484 shares during the last quarter. Northwest & Ethical Investments L.P. purchased a new position in Wells Fargo & Company in the first quarter valued at approximately $1,394,000. Tyler Stone Wealth Management raised its holdings in Wells Fargo & Company by 6.7% in the first quarter. Tyler Stone Wealth Management now owns 4,356 shares of the financial services provider’s stock valued at $313,000 after buying an additional 272 shares during the period. Forvis Mazars Wealth Advisors LLC raised its holdings in Wells Fargo & Company by 1.2% in the first quarter. Forvis Mazars Wealth Advisors LLC now owns 12,978 shares of the financial services provider’s stock valued at $932,000 after buying an additional 159 shares during the period. Finally, Nations Financial Group Inc. IA ADV raised its holdings in Wells Fargo & Company by 220.2% in the first quarter. Nations Financial Group Inc. IA ADV now owns 13,317 shares of the financial services provider’s stock valued at $956,000 after buying an additional 9,158 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on WFC shares. Citigroup restated a “neutral” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Evercore ISI restated an “outperform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Dbs Bank upgraded shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Finally, Bank of America raised their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.58.

Wells Fargo & Company Stock Down 2.9%

WFC stock opened at $77.09 on Friday. Wells Fargo & Company has a twelve month low of $50.22 and a twelve month high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $246.95 billion, a P/E ratio of 13.20, a PEG ratio of 1.20 and a beta of 1.20. The firm has a 50 day simple moving average of $79.21 and a 200-day simple moving average of $74.97.

Wells Fargo & Company (NYSE:WFC) last released 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. The firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.33 earnings per share. On average, equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Wells Fargo & Company declared that its board has approved a share repurchase program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.