Gen Wealth Partners Inc Increases Stake in Wells Fargo & Company (NYSE:WFC)

Gen Wealth Partners Inc grew its holdings in Wells Fargo & Company (NYSE:WFC) by 241.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,707 shares of the financial services provider’s stock after buying an additional 1,207 shares during the quarter. Gen Wealth Partners Inc’s holdings in Wells Fargo & Company were worth $120,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Hudson Valley Investment Advisors Inc. ADV acquired a new position in Wells Fargo & Company during the fourth quarter worth about $205,000. Czech National Bank grew its holdings in shares of Wells Fargo & Company by 4.1% in the 4th quarter. Czech National Bank now owns 721,698 shares of the financial services provider’s stock worth $50,692,000 after acquiring an additional 28,314 shares during the period. Fiduciary Alliance LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at approximately $1,522,000. Brookstone Capital Management increased its stake 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 purchasing an additional 1,726 shares in the last quarter. Finally, Wedmont Private Capital raised its holdings in Wells Fargo & Company by 1.6% during the fourth quarter. Wedmont Private Capital now owns 163,093 shares of the financial services provider’s stock worth $11,410,000 after purchasing an additional 2,608 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of research analyst reports. Morgan Stanley raised their price target on Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday, April 7th. Truist Financial cut their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a research report on Monday, April 14th. 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. Citigroup cut their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, Raymond James dropped their price target on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a research report on Monday, April 14th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.34.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $72.44 on Friday. The business has a 50-day moving average of $69.06 and a two-hundred day moving average of $72.17. The firm has a market capitalization of $235.73 billion, a PE ratio of 13.46, 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. 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 posted its quarterly 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 net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter last year, the firm posted $1.20 earnings per share. Wells Fargo & Company’s revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.21%. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

Wells Fargo & Company declared that its board has approved 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 repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Wells Fargo & 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.