Perkins Coie Trust Co Acquires 1,881 Shares of Wells Fargo & Company (NYSE:WFC)

Perkins Coie Trust Co raised its holdings in Wells Fargo & Company (NYSE:WFC) by 3.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,989 shares of the financial services provider’s stock after purchasing an additional 1,881 shares during the quarter. Perkins Coie Trust Co’s holdings in Wells Fargo & Company were worth $3,876,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Spinnaker Trust grew its stake in Wells Fargo & Company by 1.8% in the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock valued at $520,000 after purchasing an additional 130 shares during the period. Shakespeare Wealth Management LLC grew its stake in Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock valued at $972,000 after purchasing an additional 130 shares during the period. MONECO Advisors LLC grew its stake in shares of Wells Fargo & Company by 1.9% during the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock worth $493,000 after acquiring an additional 134 shares during the period. Safeguard Investment Advisory Group LLC grew its stake in shares of Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after acquiring an additional 137 shares during the period. Finally, Crown Wealth Group LLC grew its stake in shares of Wells Fargo & Company by 2.2% during the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 140 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $76.38 on Friday. The business’s 50-day moving average price is $70.42 and its two-hundred day moving average price is $72.97. 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 $248.55 billion, a P/E ratio of 14.20, a PEG 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 (NYSE:WFC) last released its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating 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 firm had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. During the same quarter last year, the firm posted $1.20 EPS. The company’s revenue was down 3.4% compared to the same quarter last year. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 EPS 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. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.09%. Wells Fargo & Company’s payout ratio is currently 28.73%.

Wells Fargo & Company announced that its board has authorized a stock repurchase plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on WFC. Morgan Stanley increased their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research note on Wednesday. Evercore ISI increased their price target on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday. Raymond James cut their price target on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. cut their price target on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Finally, TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a “hold” rating and a $83.00 price target for the company. Seven 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.com, the stock presently has an average 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.