Everhart Financial Group Inc. Purchases 926 Shares of Wells Fargo & Company (NYSE:WFC)

Everhart Financial Group Inc. grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 5.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,490 shares of the financial services provider’s stock after buying an additional 926 shares during the period. Everhart Financial Group Inc.’s holdings in Wells Fargo & Company were worth $1,399,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Ironwood Wealth Management LLC. bought a new stake in Wells Fargo & Company in the 4th quarter valued at about $221,000. Brighton Jones LLC boosted its stake in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after buying an additional 25,436 shares during the period. Entropy Technologies LP acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $239,000. Stonebridge Financial Group LLC bought a new position in Wells Fargo & Company during the 4th quarter worth $133,000. Finally, Leavell Investment Management Inc. raised its holdings in Wells Fargo & Company by 8.4% in the 4th quarter. Leavell Investment Management Inc. now owns 23,132 shares of the financial services provider’s stock valued at $1,625,000 after acquiring an additional 1,790 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 1.3%

NYSE WFC opened at $73.94 on Friday. The firm has a market capitalization of $240.61 billion, a PE ratio of 13.74, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The business’s 50-day moving average price is $71.22 and its two-hundred day moving average price is $72.97. 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 has a 12 month low of $50.15 and a 12 month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating 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 business had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. During the same period in the prior year, the business posted $1.20 earnings per share. The firm’s revenue was down 3.4% on a year-over-year basis. On average, analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its Board of Directors has approved a share buyback plan on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on WFC. JPMorgan Chase & Co. reduced their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Barclays decreased 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. Raymond James cut their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a report on Monday, April 14th. The Goldman Sachs Group lifted their price objective on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.68.

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.