Signet Financial Management LLC Raises Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Signet Financial Management LLC raised its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.4% during the 1st quarter, Holdings Channel reports. The fund owned 57,123 shares of the financial services provider’s stock after purchasing an additional 207 shares during the period. Signet Financial Management LLC’s holdings in Wells Fargo & Company were worth $4,101,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Harbor Capital Advisors Inc. raised its holdings in shares of Wells Fargo & Company by 296.5% during the 1st quarter. Harbor Capital Advisors Inc. now owns 686 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 513 shares in the last quarter. Tounjian Advisory Partners LLC purchased a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $392,000. Pallas Capital Advisors LLC raised its holdings in shares of Wells Fargo & Company by 5.9% during the 1st quarter. Pallas Capital Advisors LLC now owns 41,943 shares of the financial services provider’s stock worth $3,011,000 after acquiring an additional 2,349 shares in the last quarter. Patrick M Sweeney & Associates Inc. raised its holdings in shares of Wells Fargo & Company by 3.6% during the 1st quarter. Patrick M Sweeney & Associates Inc. now owns 5,557 shares of the financial services provider’s stock worth $399,000 after acquiring an additional 195 shares in the last quarter. Finally, City Holding Co. increased its position in shares of Wells Fargo & Company by 26.7% during the 1st quarter. City Holding Co. now owns 1,850 shares of the financial services provider’s stock valued at $133,000 after purchasing an additional 390 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WFC has been the topic of several analyst reports. Raymond James cut their target price on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a research report on Monday, April 14th. Barclays cut their target price on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Citigroup cut their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Piper Sandler reissued an “overweight” rating and set a $85.00 target price (up previously from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Finally, Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $77.48.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $76.40 on Tuesday. The stock’s fifty day moving average is $70.50 and its two-hundred day moving average is $72.96. The company has a market capitalization of $248.61 billion, a PE 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. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50.

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

Wells Fargo & Company announced that its Board of Directors has authorized 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 purchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

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

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.