SwitchPoint Financial Planning LLC Takes Position in Wells Fargo & Company (NYSE:WFC)

SwitchPoint Financial Planning LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,196 shares of the financial services provider’s stock, valued at approximately $445,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Brighton Jones LLC increased its position 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 worth $4,652,000 after purchasing an additional 25,436 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in shares of Wells Fargo & Company by 53.5% in the 4th quarter. Proficio Capital Partners LLC now owns 9,855 shares of the financial services provider’s stock worth $692,000 after buying an additional 3,436 shares during the last quarter. Welch & Forbes LLC increased its holdings in shares of Wells Fargo & Company by 0.4% in the 4th quarter. Welch & Forbes LLC now owns 46,363 shares of the financial services provider’s stock worth $3,257,000 after buying an additional 199 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its position in shares of Wells Fargo & Company by 3.8% during the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 15,061 shares of the financial services provider’s stock valued at $1,058,000 after buying an additional 547 shares in the last quarter. Finally, Destination Wealth Management lifted its holdings in shares of Wells Fargo & Company by 85.6% during the 4th quarter. Destination Wealth Management now owns 8,931 shares of the financial services provider’s stock worth $627,000 after acquiring an additional 4,118 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $83.32 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a market cap of $271.12 billion, a P/E ratio of 14.96, a P/E/G ratio of 1.40 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $83.95. The firm has a 50-day moving average of $75.34 and a 200-day moving average of $73.47.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business’s revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 EPS. Sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Wells Fargo & Company announced that its board has authorized a stock repurchase plan 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 buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently commented on WFC. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, April 14th. TD Cowen started coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They set a “hold” rating and a $83.00 price target on the stock. Royal Bank Of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a report on Thursday, March 13th. The Goldman Sachs Group increased their target price on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.33.

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.