14,957 Shares in Wells Fargo & Company $WFC Bought by Elevate Wealth Advisory Inc.

Elevate Wealth Advisory Inc. acquired a new stake in Wells Fargo & Company (NYSE:WFC) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,957 shares of the financial services provider’s stock, valued at approximately $1,074,000. Wells Fargo & Company accounts for 0.8% of Elevate Wealth Advisory Inc.’s investment portfolio, making the stock its 27th biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in WFC. BNP Paribas acquired a new position in Wells Fargo & Company in the 4th quarter valued at $28,000. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the first quarter valued at about $29,000. Motco boosted its holdings in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 326 shares in the last quarter. Parvin Asset Management LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth about $32,000. Finally, Stone House Investment Management LLC acquired a new position in shares of Wells Fargo & Company during the first quarter worth about $34,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a “hold” rating and a $83.00 target price for the company. Citigroup restated a “neutral” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Wall Street Zen lowered Wells Fargo & Company from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Finally, The Goldman Sachs Group cut their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Eleven analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $81.58.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $78.2150 on Thursday. The firm’s 50 day simple moving average is $79.34 and its 200-day simple moving average is $74.97. The company has a market cap of $250.56 billion, a P/E ratio of 13.39, a price-to-earnings-growth ratio of 1.21 and a beta of 1.20. Wells Fargo & Company has a fifty-two week low of $50.22 and a fifty-two week high of $84.83. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter in the previous year, the company posted $1.33 earnings per share. Wells Fargo & Company’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 8th. 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%. Wells Fargo & Company’s payout ratio is presently 30.82%.

Wells Fargo & Company announced that its Board of Directors has initiated a share repurchase plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

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.