KG&L Capital Management LLC Acquires 183 Shares of Wells Fargo & Company (NYSE:WFC)

KG&L Capital Management LLC boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 1.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,227 shares of the financial services provider’s stock after acquiring an additional 183 shares during the quarter. KG&L Capital Management LLC’s holdings in Wells Fargo & Company were worth $734,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. KPP Advisory Services LLC purchased a new position in Wells Fargo & Company during the 1st quarter worth $708,000. Western Wealth Management LLC lifted its position in shares of Wells Fargo & Company by 13.5% during the first quarter. Western Wealth Management LLC now owns 13,775 shares of the financial services provider’s stock valued at $989,000 after purchasing an additional 1,635 shares in the last quarter. Sabal Trust CO lifted its position in shares of Wells Fargo & Company by 27.0% during the first quarter. Sabal Trust CO now owns 26,073 shares of the financial services provider’s stock valued at $1,872,000 after purchasing an additional 5,545 shares in the last quarter. Salzhauer Michael boosted its holdings in Wells Fargo & Company by 52.5% during the first quarter. Salzhauer Michael now owns 203,933 shares of the financial services provider’s stock worth $14,640,000 after purchasing an additional 70,200 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in Wells Fargo & Company by 39.9% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 529,952 shares of the financial services provider’s stock worth $38,045,000 after purchasing an additional 151,108 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analysts Set New Price Targets

WFC has been the topic of several recent analyst reports. TD Cowen assumed coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a “hold” rating and a $83.00 target price on the stock. Royal Bank Of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. reduced their price objective 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. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Finally, Bank of America upped their price objective 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 assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.98.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $79.08 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market cap of $257.34 billion, a PE ratio of 14.20, a PEG ratio of 1.31 and a beta of 1.16. The company’s fifty day moving average is $73.27 and its 200 day moving average is $72.96. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The company had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the company posted $1.20 EPS. Wells Fargo & Company’s revenue for the quarter was down 3.4% on a year-over-year basis. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its board has initiated a share repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio 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.