Summa Corp. Has $648,000 Stock Position in Wells Fargo & Company (NYSE:WFC)

Summa Corp. increased its stake in Wells Fargo & Company (NYSE:WFC) by 3.7% during the first quarter, Holdings Channel reports. The firm owned 9,024 shares of the financial services provider’s stock after acquiring an additional 324 shares during the period. Wells Fargo & Company makes up approximately 0.4% of Summa Corp.’s investment portfolio, making the stock its 28th biggest position. Summa Corp.’s holdings in Wells Fargo & Company were worth $648,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of WFC. Norges Bank acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $3,365,658,000. Northern Trust Corp lifted its holdings in shares of Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock worth $2,411,992,000 after acquiring an additional 3,307,855 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Wells Fargo & Company by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider’s stock worth $1,430,742,000 after acquiring an additional 238,131 shares in the last quarter. Capital Research Global Investors increased its stake in Wells Fargo & Company by 932.0% in 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 last quarter. Finally, Capital World Investors raised its position in Wells Fargo & Company by 0.4% during the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider’s stock valued at $977,338,000 after purchasing an additional 62,099 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.9%

Shares of NYSE WFC opened at $72.51 on Wednesday. The stock has a market cap of $235.97 billion, a P/E ratio of 13.02, a price-to-earnings-growth ratio of 1.23 and a beta of 1.16. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The firm has a 50 day moving average price of $71.77 and a two-hundred day moving average price of $72.85. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last released 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. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business’s revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.20 EPS. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its Board of Directors has approved a share buyback plan 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 buy up to 17.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

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

Analysts Set New Price Targets

WFC has been the subject of several recent analyst reports. Morgan Stanley upped their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 4th. Raymond James Financial dropped their price objective on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a research report on Monday, April 14th. Bank of America lifted 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, June 4th. The Goldman Sachs Group boosted their target price on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Finally, Citigroup dropped their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Seven investment 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $77.68.

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.