Quantinno Capital Management LP Purchases 80,662 Shares of Wells Fargo & Company (NYSE:WFC)

Quantinno Capital Management LP increased its position in Wells Fargo & Company (NYSE:WFC) by 37.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 298,600 shares of the financial services provider’s stock after purchasing an additional 80,662 shares during the period. Quantinno Capital Management LP’s holdings in Wells Fargo & Company were worth $20,974,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Fiduciary Alliance LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $1,522,000. Brookstone Capital Management lifted its position in Wells Fargo & Company by 10.8% in the 4th quarter. Brookstone Capital Management now owns 17,676 shares of the financial services provider’s stock valued at $1,242,000 after acquiring an additional 1,726 shares in the last quarter. Cooper Financial Group boosted its stake in Wells Fargo & Company by 22.1% during the 4th quarter. Cooper Financial Group now owns 5,615 shares of the financial services provider’s stock valued at $394,000 after purchasing an additional 1,017 shares during the last quarter. Eastern Bank increased its holdings in shares of Wells Fargo & Company by 10.2% in the 4th quarter. Eastern Bank now owns 15,420 shares of the financial services provider’s stock worth $1,083,000 after purchasing an additional 1,431 shares in the last quarter. Finally, Miracle Mile Advisors LLC raised its stake in shares of Wells Fargo & Company by 66.0% in the fourth quarter. Miracle Mile Advisors LLC now owns 35,166 shares of the financial services provider’s stock worth $2,470,000 after purchasing an additional 13,981 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on WFC shares. Keefe, Bruyette & Woods lifted their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Piper Sandler decreased their price objective on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Barclays dropped their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. decreased their target price on shares of 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, Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research note on Thursday, March 13th. Six research 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $75.34.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $75.98 on Wednesday. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The firm has a market capitalization of $247.25 billion, a PE ratio of 14.12, a P/E/G ratio of 1.18 and a beta of 1.13. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The business’s 50 day moving average price is $69.14 and its 200-day moving average price is $72.32.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $20.82 billion. During the same quarter in the prior year, the company earned $1.20 EPS. Wells Fargo & Company’s revenue was down 3.4% on a year-over-year basis. As a group, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

Wells Fargo & Company announced that its board has authorized a stock buyback 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 purchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are 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.