Cypress Wealth Services LLC Buys 1,573 Shares of Wells Fargo & Company (NYSE:WFC)

Cypress Wealth Services LLC grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 9.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,577 shares of the financial services provider’s stock after purchasing an additional 1,573 shares during the period. Cypress Wealth Services LLC’s holdings in Wells Fargo & Company were worth $1,262,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Rialto Wealth Management LLC bought a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $26,000. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. BNP Paribas purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth $28,000. McClarren Financial Advisors Inc. purchased a new position in Wells Fargo & Company in the fourth quarter worth about $30,000. Finally, Rakuten Securities Inc. raised its holdings in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 237 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.3%

Wells Fargo & Company stock opened at $75.43 on Thursday. The company has a market cap of $245.46 billion, a P/E ratio of 14.02, a PEG ratio of 1.18 and a beta of 1.16. The firm’s 50-day moving average is $70.26 and its 200-day moving average is $72.94. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

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

Wells Fargo & Company announced that its Board of Directors has authorized a share repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.12%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s payout ratio is presently 28.73%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on WFC. TD Cowen assumed coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a “hold” rating and a $83.00 price target for the company. Evercore ISI upped their target price on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday. Bank of America increased their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday. 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. Finally, Citigroup cut their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.48.

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.