Vivid Wealth Management LLC Has $1.23 Million Position in Wells Fargo & Company (NYSE:WFC)

Vivid Wealth Management LLC grew its holdings in Wells Fargo & Company (NYSE:WFC) by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,110 shares of the financial services provider’s stock after purchasing an additional 198 shares during the quarter. Vivid Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,228,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of WFC. Norges Bank acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at $3,365,658,000. Capital Research Global Investors lifted its stake in shares of Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock valued at $1,105,218,000 after acquiring an additional 14,210,193 shares during the period. GAMMA Investing LLC lifted its stake in shares of Wells Fargo & Company by 7,887.9% during the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider’s stock valued at $243,589,000 after acquiring an additional 3,350,605 shares during the period. Northern Trust Corp lifted its stake in shares of Wells Fargo & Company by 10.7% during the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after acquiring an additional 3,307,855 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at $198,801,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on WFC shares. Citigroup cut their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Truist Financial cut their target price on 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. JPMorgan Chase & Co. cut their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research note on Thursday, March 13th. Finally, 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 note on Wednesday, June 4th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.68.

Wells Fargo & Company Stock Up 1.0%

Shares of NYSE:WFC opened at $73.07 on Tuesday. The company has a market capitalization of $237.78 billion, a PE ratio of 13.58, 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 current ratio of 0.86 and a quick ratio of 0.85. The business has a fifty day moving average price of $71.65 and a two-hundred day moving average price of $72.85. 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 quarterly earnings results 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. 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 for 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. Analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

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

Wells Fargo & Company declared that its Board of Directors has authorized a share repurchase program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Wells Fargo & 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.