14,747 Shares in Wells Fargo & Company (NYSE:WFC) Acquired by Ibex Wealth Advisors

Ibex Wealth Advisors purchased a new position in Wells Fargo & Company (NYSE:WFC) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 14,747 shares of the financial services provider’s stock, valued at approximately $1,059,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $3,365,658,000. Northern Trust Corp lifted its position in shares of Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after acquiring an additional 3,307,855 shares during the period. Dimensional Fund Advisors LP raised its holdings in Wells Fargo & Company by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider’s stock worth $1,430,742,000 after buying an additional 238,131 shares during the last quarter. Capital Research Global Investors raised its holdings in Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock worth $1,105,218,000 after buying an additional 14,210,193 shares during the last quarter. Finally, Capital World Investors raised its holdings in Wells Fargo & Company by 0.4% during the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider’s stock worth $977,338,000 after buying an additional 62,099 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $76.40 on Tuesday. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The stock has a market cap of $248.61 billion, a P/E ratio of 14.20, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm’s fifty day simple moving average is $70.50 and its 200 day simple moving average is $72.96.

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

Wells Fargo & Company declared that its Board of Directors has authorized a share buyback 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 generally an indication that the company’s board believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on WFC shares. 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 research note on Monday, April 14th. Barclays cut their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. Finally, TD Cowen initiated coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They issued a “hold” rating and a $83.00 target price on the stock. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $77.48.

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.