McMill Wealth Management Takes $242,000 Position in Wells Fargo & Company (NYSE:WFC)

McMill Wealth Management purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 3,449 shares of the financial services provider’s stock, valued at approximately $242,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Wells Fargo & Company in the fourth quarter worth approximately $3,365,658,000. Capital Research Global Investors boosted its stake in Wells Fargo & Company by 932.0% in the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock worth $1,105,218,000 after purchasing an additional 14,210,193 shares during the period. Northern Trust Corp raised its holdings in shares of Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after buying an additional 3,307,855 shares in the last quarter. Theleme Partners LLP purchased a new position in Wells Fargo & Company in the 4th quarter worth approximately $187,049,000. Finally, Zurich Insurance Group Ltd FI purchased a new position in Wells Fargo & Company in the 4th quarter worth approximately $117,280,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC opened at $73.32 on Friday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The firm has a market capitalization of $238.60 billion, a P/E ratio of 13.63, a PEG ratio of 1.18 and a beta of 1.13. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The stock has a fifty day moving average of $69.97 and a 200-day moving average of $72.76.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm’s revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 earnings per share. Equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its board has authorized a share buyback program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.73%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WFC. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. Truist Financial cut their price target on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Morgan Stanley raised their price objective on Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Monday, April 7th. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target of $75.73.

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.