Steigerwald Gordon & Koch Inc. Has $24.25 Million Position in Wells Fargo & Company (NYSE:WFC)

Steigerwald Gordon & Koch Inc. lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 337,832 shares of the financial services provider’s stock after selling 3,914 shares during the quarter. Wells Fargo & Company accounts for about 2.7% of Steigerwald Gordon & Koch Inc.’s investment portfolio, making the stock its 15th biggest position. Steigerwald Gordon & Koch Inc.’s holdings in Wells Fargo & Company were worth $24,253,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $28,000. BNP Paribas bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $28,000. McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $30,000. Finally, Rakuten Securities Inc. grew its holdings in shares of 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 purchasing an additional 237 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Bank of America upped their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday. TD Cowen assumed coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a “hold” rating and a $83.00 target price on the stock. Barclays lowered 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. Piper Sandler reaffirmed an “overweight” rating and issued a $85.00 target price (up previously from $75.00) on shares of Wells Fargo & Company in a report on Wednesday. Finally, Citigroup lowered their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Seven research 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 company. According to data from MarketBeat, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus price target of $77.48.

Wells Fargo & Company Stock Down 0.3%

Shares of NYSE WFC opened at $75.43 on Thursday. The firm has a market capitalization of $245.46 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. 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 1 year low of $50.15 and a 1 year high of $81.50. The firm’s 50-day moving average is $70.26 and its 200-day moving average is $72.94.

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, beating the consensus estimate of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 EPS. Equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its board has authorized a stock repurchase program 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 reacquire up to 17.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

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

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.