Fiduciary Financial Group LLC Acquires 368 Shares of Wells Fargo & Company (NYSE:WFC)

Fiduciary Financial Group LLC lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 3.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 12,645 shares of the financial services provider’s stock after purchasing an additional 368 shares during the quarter. Fiduciary Financial Group LLC’s holdings in Wells Fargo & Company were worth $908,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ironwood Wealth Management LLC. bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $221,000. Brighton Jones LLC boosted its holdings in shares of Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after acquiring an additional 25,436 shares during the period. Strategic Financial Concepts LLC bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $2,262,000. Vest Financial LLC boosted its holdings in shares of Wells Fargo & Company by 6.2% during the fourth quarter. Vest Financial LLC now owns 15,709 shares of the financial services provider’s stock worth $1,103,000 after acquiring an additional 916 shares during the period. Finally, Moloney Securities Asset Management LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $311,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on WFC shares. Raymond James cut their price objective on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a report on Monday, April 14th. Bank of America boosted their price target 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. TD Cowen assumed coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a “hold” rating and a $83.00 price target for the company. Morgan Stanley upped their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Finally, JPMorgan Chase & Co. cut their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.48.

Wells Fargo & Company Stock Up 0.1%

Shares of WFC opened at $76.40 on Tuesday. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The stock has a market capitalization of $248.61 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a fifty day moving average of $70.50 and a 200-day moving average of $72.96.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. The firm 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 12.38% and a net margin of 15.73%. The business’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the company earned $1.20 earnings per share. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a dividend of $0.40 per share. 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 payout ratio is currently 28.73%.

Wells Fargo & Company declared that its board has initiated a stock buyback plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

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.