Zions Bancorporation National Association UT Takes $589,000 Position in Wells Fargo & Company (NYSE:WFC)

Zions Bancorporation National Association UT purchased a new stake in Wells Fargo & Company (NYSE:WFC) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 8,200 shares of the financial services provider’s stock, valued at approximately $589,000.

A number of other institutional investors and hedge funds have also made changes to their positions in WFC. Safeguard Investment Advisory Group LLC increased its stake in 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 buying an additional 137 shares during the period. Summit Wealth & Retirement Planning Inc. increased its stake in Wells Fargo & Company by 4.3% during the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider’s stock worth $241,000 after buying an additional 139 shares during the period. Nwam LLC increased its stake in Wells Fargo & Company by 1.6% during the 1st quarter. Nwam LLC now owns 8,806 shares of the financial services provider’s stock worth $632,000 after buying an additional 142 shares during the period. Jaffetilchin Investment Partners LLC increased its stake in Wells Fargo & Company by 0.6% during the 4th quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider’s stock worth $1,580,000 after buying an additional 144 shares during the period. Finally, Zullo Investment Group Inc. increased its stake in Wells Fargo & Company by 2.4% during the 1st quarter. Zullo Investment Group Inc. now owns 6,327 shares of the financial services provider’s stock worth $454,000 after buying an additional 147 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 0.9%

Shares of Wells Fargo & Company stock opened at $77.78 on Friday. The company has a fifty day simple moving average of $78.92 and a 200-day simple moving average of $74.95. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The stock has a market cap of $249.16 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 1.21 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter in the prior year, the business posted $1.33 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 27.40%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on WFC shares. Truist Financial upped their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Raymond James Financial downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Bank of America upped their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Wall Street Zen lowered shares of Wells Fargo & Company from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $80.39.

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.