Wells Fargo & Company (NYSE:WFC) Stock Holdings Boosted by TCTC Holdings LLC

TCTC Holdings LLC raised its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,676 shares of the financial services provider’s stock after purchasing an additional 151 shares during the quarter. TCTC Holdings LLC’s holdings in Wells Fargo & Company were worth $551,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WFC. Accretive Wealth Partners LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth $399,000. Secured Retirement Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth $408,000. RKL Wealth Management LLC boosted its stake in shares of Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 5,113 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Wells Fargo & Company by 12.1% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider’s stock worth $45,783,000 after acquiring an additional 70,104 shares in the last quarter. Finally, Silver Oak Securities Incorporated bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth $215,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $82.63 on Wednesday. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $84.83. The business has a 50-day moving average of $78.14 and a two-hundred day moving average of $74.78. The stock has a market capitalization of $268.88 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.29 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

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

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be paid a $0.45 dividend. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.18%. Wells Fargo & Company’s payout ratio is presently 27.40%.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on WFC shares. The Goldman Sachs Group reduced their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. TD Cowen started coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a “hold” rating and a $83.00 price objective for the company. Citigroup reissued a “neutral” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Raymond James Financial lowered Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Finally, Phillip Securities lowered Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. 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. According to data from MarketBeat, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus price target of $80.39.

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.