Silvercrest Asset Management Group LLC Increases Stock Position in Wells Fargo & Company (NYSE:WFC)

Silvercrest Asset Management Group LLC raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 3.7% during the fourth quarter, Holdings Channel reports. The fund owned 24,075 shares of the financial services provider’s stock after buying an additional 862 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Wells Fargo & Company were worth $1,691,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rialto Wealth Management LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Investment Counsel Co. of Nevada bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $28,000. BNP Paribas bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $28,000. McClarren Financial Advisors Inc. bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $30,000. Finally, Rakuten Securities Inc. grew its position in Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 237 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $76.05 on Tuesday. The stock has a market cap of $247.48 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The firm’s fifty day simple moving average is $69.74 and its 200 day simple moving average is $72.67. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. The business 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 15.73% and a return on equity of 12.38%. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 earnings per share. As a group, research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on WFC. TD Cowen began coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a “hold” rating and a $83.00 price target on the stock. 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 report on Monday, April 14th. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Monday, April 7th. Barclays cut their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Finally, Citigroup cut their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.73.

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.