Abundance Wealth Counselors Invests $222,000 in Wells Fargo & Company (NYSE:WFC)

Abundance Wealth Counselors purchased a new position in Wells Fargo & Company (NYSE:WFC) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,093 shares of the financial services provider’s stock, valued at approximately $222,000.

Other hedge funds have also added to or reduced their stakes in the company. Rialto Wealth Management LLC bought a new position in Wells Fargo & Company in the 4th quarter worth about $26,000. Investment Counsel Co. of Nevada bought a new position in Wells Fargo & Company in the fourth quarter worth approximately $28,000. BNP Paribas bought a new position in Wells Fargo & Company in the fourth quarter worth approximately $28,000. Rakuten Securities Inc. grew its stake in Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 237 shares in the last quarter. Finally, Parvin Asset Management LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter worth $32,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Up 0.8%

Wells Fargo & Company stock opened at $75.33 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $245.14 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 1.25 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The business has a fifty day moving average price of $72.42 and a 200-day moving average price of $72.87.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly 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. 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 return on equity of 12.15% and a net margin of 16.19%. The company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company earned $1.20 earnings per share. Equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its board has approved a share repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on WFC shares. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Truist Financial dropped 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. Piper Sandler reiterated an “overweight” rating and set a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Royal Bank Of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research note on Thursday, March 13th. Finally, Bank of America increased their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $77.98.

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.