Smith Shellnut Wilson LLC ADV Grows Position in Wells Fargo & Company (NYSE:WFC)

Smith Shellnut Wilson LLC ADV lifted its holdings in Wells Fargo & Company (NYSE:WFC) by 1.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,891 shares of the financial services provider’s stock after buying an additional 504 shares during the period. Wells Fargo & Company makes up 1.0% of Smith Shellnut Wilson LLC ADV’s holdings, making the stock its 26th biggest position. Smith Shellnut Wilson LLC ADV’s holdings in Wells Fargo & Company were worth $2,218,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of WFC. Ironwood Wealth Management LLC. acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $221,000. Brighton Jones LLC increased its stake in shares of Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Van ECK Associates Corp purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $4,342,000. Strategic Financial Concepts LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $2,262,000. Finally, Valmark Advisers Inc. grew its holdings in shares of Wells Fargo & Company by 5.5% in the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock valued at $583,000 after purchasing an additional 431 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WFC has been the topic of a number of analyst reports. Truist Financial reduced their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Evercore ISI lifted their price target on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, June 4th. Raymond James decreased their price objective on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. cut their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Finally, Barclays decreased their price target on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average target price of $77.68.

Wells Fargo & Company Price Performance

Shares of WFC opened at $73.07 on Tuesday. The company has a market cap of $237.78 billion, a P/E ratio of 13.58, a PEG ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm’s 50 day moving average price is $71.65 and its 200 day moving average price is $72.85.

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, topping the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.20 earnings per share. On average, research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

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

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.19%. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

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.