Octavia Wealth Advisors LLC reduced its stake in Wells Fargo & Company (NYSE:WFC – Free Report) by 4.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,844 shares of the financial services provider’s stock after selling 189 shares during the period. Octavia Wealth Advisors LLC’s holdings in Wells Fargo & Company were worth $276,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of WFC. Norges Bank purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $3,365,658,000. Northern Trust Corp boosted its holdings in shares of Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock worth $2,411,992,000 after buying an additional 3,307,855 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Wells Fargo & Company by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider’s stock worth $1,430,742,000 after acquiring an additional 238,131 shares in the last quarter. Capital Research Global Investors grew its position in shares of Wells Fargo & Company by 932.0% during the fourth 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 in the last quarter. Finally, Capital World Investors boosted its holdings in shares of Wells Fargo & Company by 0.4% during the 4th quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider’s stock valued at $977,338,000 after purchasing an additional 62,099 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.
Wells Fargo & Company Price Performance
Wells Fargo & Company stock opened at $76.38 on Monday. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The business’s 50 day simple moving average is $70.42 and its 200 day simple moving average is $72.95. The company has a market cap of $248.55 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 current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.
Wells Fargo & Company announced that its Board of Directors has initiated a share repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
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 paid a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.09%. Wells Fargo & Company’s payout ratio is presently 28.73%.
Analyst Ratings Changes
WFC has been the subject of a number of recent analyst reports. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. Bank of America boosted their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Barclays cut their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. cut their price objective on shares of 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. Finally, TD Cowen assumed coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They set a “hold” rating and a $83.00 price target for the company. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $77.48.
Check Out Our Latest Stock Report on Wells Fargo & Company
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.
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