NorthRock Partners LLC Acquires 48,254 Shares of Wells Fargo & Company (NYSE:WFC)

NorthRock Partners LLC lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 182.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 74,753 shares of the financial services provider’s stock after acquiring an additional 48,254 shares during the quarter. NorthRock Partners LLC’s holdings in Wells Fargo & Company were worth $5,251,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Northeast Financial Consultants Inc raised its holdings in Wells Fargo & Company by 13.5% in the 4th quarter. Northeast Financial Consultants Inc now owns 5,186 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 615 shares during the period. Obermeyer Wealth Partners grew its position in shares of Wells Fargo & Company by 28.3% in the fourth quarter. Obermeyer Wealth Partners now owns 17,874 shares of the financial services provider’s stock valued at $1,255,000 after purchasing an additional 3,939 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $39,000. MJP Associates Inc. ADV bought a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $301,000. Finally, Moore Capital Management LP acquired a new stake in Wells Fargo & Company during the 4th quarter worth approximately $54,525,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on WFC shares. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research note on Thursday, March 13th. Bank of America reduced their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Truist Financial lowered their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Keefe, Bruyette & Woods lifted their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research note on Thursday, January 16th. Finally, 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 research report on Monday, April 14th. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average target price of $75.34.

Wells Fargo & Company Price Performance

WFC stock opened at $75.98 on Wednesday. The stock has a market cap of $247.25 billion, a price-to-earnings 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 company has a 50 day simple moving average of $69.14 and a 200 day simple moving average of $72.32. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $20.82 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year. Research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced 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. This represents a $1.60 annualized dividend and a yield of 2.11%. The ex-dividend date is Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

Wells Fargo & Company announced that its board has approved a share 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 often a sign that the company’s management believes its stock is undervalued.

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.