Rehmann Capital Advisory Group Purchases 1,495 Shares of Wells Fargo & Company (NYSE:WFC)

Rehmann Capital Advisory Group raised its holdings in Wells Fargo & Company (NYSE:WFC) by 4.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,321 shares of the financial services provider’s stock after acquiring an additional 1,495 shares during the period. Rehmann Capital Advisory Group’s holdings in Wells Fargo & Company were worth $2,270,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Morse Asset Management Inc bought a new stake in Wells Fargo & Company during the 3rd quarter worth approximately $487,000. Tudor Financial Inc. acquired a new position in shares of Wells Fargo & Company in the third quarter valued at approximately $468,000. Anchor Investment Management LLC increased its position in shares of Wells Fargo & Company by 5.5% during the third quarter. Anchor Investment Management LLC now owns 15,903 shares of the financial services provider’s stock worth $898,000 after acquiring an additional 836 shares in the last quarter. World Investment Advisors LLC raised its holdings in shares of Wells Fargo & Company by 1,263.8% during the third quarter. World Investment Advisors LLC now owns 75,432 shares of the financial services provider’s stock worth $4,261,000 after acquiring an additional 69,901 shares during the period. Finally, Tidal Investments LLC lifted its position in Wells Fargo & Company by 4.5% in the 3rd quarter. Tidal Investments LLC now owns 138,813 shares of the financial services provider’s stock valued at $7,842,000 after acquiring an additional 5,946 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $71.06 on Wednesday. The company has a market cap of $232.02 billion, a P/E ratio of 13.21, a P/E/G ratio of 1.18 and a beta of 1.02. The firm’s fifty day moving average price is $69.64 and its two-hundred day moving average price is $71.68. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.20 EPS. Equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.25%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.73%.

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on WFC. Piper Sandler dropped their price target on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research report on Thursday, March 13th. Keefe, Bruyette & Woods upped their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Barclays lowered their price objective 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, Truist Financial reduced their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a report on Monday, April 14th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.34.

About Wells Fargo & Company

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.