Stoneridge Investment Partners LLC Purchases New Stake in Wells Fargo & Company $WFC

Stoneridge Investment Partners LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) during the first quarter, Holdings Channel reports. The fund acquired 12,547 shares of the financial services provider’s stock, valued at approximately $901,000.

Other hedge funds have also recently bought and sold shares of the company. Accretive Wealth Partners LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth $399,000. Secured Retirement Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth $408,000. RKL Wealth Management LLC raised its stake in shares of Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 5,113 shares during the period. Allianz SE raised its stake in shares of Wells Fargo & Company by 22.6% during the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock worth $15,244,000 after purchasing an additional 39,150 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Wells Fargo & Company by 12.1% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider’s stock worth $45,783,000 after purchasing an additional 70,104 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on WFC. Citigroup restated a “neutral” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Raymond James Financial cut Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Bank of America boosted their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Truist Financial boosted their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Finally, Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Eleven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $81.58.

Wells Fargo & Company Trading Up 0.0%

Shares of WFC opened at $77.4680 on Wednesday. Wells Fargo & Company has a twelve month low of $50.22 and a twelve month high of $84.83. 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 stock has a market cap of $248.16 billion, a PE ratio of 13.27, a P/E/G ratio of 1.20 and a beta of 1.20. The business’s 50-day moving average price is $79.27 and its 200-day moving average price is $74.95.

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 the consensus estimate 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 company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the previous year, the firm earned $1.33 earnings per share. Wells Fargo & Company’s revenue was up .6% on a year-over-year basis. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS 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. Stockholders of record on Friday, August 8th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend 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 stock buyback program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy 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 shares are 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.