New England Research & Management Inc. Purchases 1,005 Shares of Wells Fargo & Company (NYSE:WFC)

New England Research & Management Inc. lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 10.5% during the 1st quarter, HoldingsChannel reports. The firm owned 10,610 shares of the financial services provider’s stock after acquiring an additional 1,005 shares during the period. New England Research & Management Inc.’s holdings in Wells Fargo & Company were worth $762,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in WFC. CVA Family Office LLC boosted its holdings in Wells Fargo & Company by 10.1% in the first quarter. CVA Family Office LLC now owns 6,571 shares of the financial services provider’s stock worth $472,000 after acquiring an additional 602 shares in the last quarter. Elevation Point Wealth Partners LLC boosted its holdings in Wells Fargo & Company by 16.3% in the first quarter. Elevation Point Wealth Partners LLC now owns 33,210 shares of the financial services provider’s stock worth $2,384,000 after acquiring an additional 4,643 shares in the last quarter. West Branch Capital LLC boosted its holdings in Wells Fargo & Company by 28.5% in the first quarter. West Branch Capital LLC now owns 22,091 shares of the financial services provider’s stock worth $1,586,000 after acquiring an additional 4,904 shares in the last quarter. Opinicus Capital Inc. bought a new stake in Wells Fargo & Company in the first quarter worth $667,000. Finally, Everhart Financial Group Inc. boosted its holdings in Wells Fargo & Company by 5.0% in the first quarter. Everhart Financial Group Inc. now owns 19,490 shares of the financial services provider’s stock worth $1,399,000 after acquiring an additional 926 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Down 2.3%

Wells Fargo & Company stock opened at $72.31 on Friday. The stock has a market cap of $235.31 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. 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 has a one year low of $50.15 and a one year high of $81.50. The stock has a fifty day moving average of $71.42 and a 200 day moving average of $72.93.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. The company 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 12.38% and a net margin of 15.73%. Wells Fargo & Company’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.20 earnings per share. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s payout ratio is 28.73%.

Wells Fargo & Company announced that its Board of Directors has approved a share repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

WFC has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Truist Financial dropped their target price on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Evercore ISI boosted their price target on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 4th. Barclays decreased their price target on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Finally, Bank of America boosted their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. Seven 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.68.

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.