38,333 Shares in Wells Fargo & Company (NYSE:WFC) Purchased by Twinbeech Capital LP

Twinbeech Capital LP purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 38,333 shares of the financial services provider’s stock, valued at approximately $2,693,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rialto Wealth Management LLC bought a new position in Wells Fargo & Company during the fourth quarter worth about $26,000. Investment Counsel Co. of Nevada bought a new position in Wells Fargo & Company during the fourth quarter worth about $28,000. BNP Paribas bought a new position in Wells Fargo & Company during the fourth quarter worth about $28,000. Rakuten Securities Inc. grew its holdings in Wells Fargo & Company by 126.7% during 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 during the period. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $30,000. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

WFC has been the subject of a number of research analyst reports. TD Cowen initiated coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a “hold” rating and a $83.00 price objective for the company. Piper Sandler reduced their price objective on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Bank of America reduced their price objective on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Citigroup reduced their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Finally, Morgan Stanley boosted their price objective on Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Monday, April 7th. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus target price of $75.73.

Wells Fargo & Company Stock Down 0.8%

NYSE WFC opened at $75.42 on Wednesday. The business has a fifty day moving average price of $69.88 and a two-hundred day moving average price of $72.69. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock has a market capitalization of $245.43 billion, a PE ratio of 14.02, a PEG ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC) last released 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. The firm had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 earnings per share. Equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.12%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company announced that its board has authorized a share buyback 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 repurchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

About Wells Fargo & Company

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.