Coastal Bridge Advisors LLC Buys 330 Shares of Wells Fargo & Company (NYSE:WFC)

Coastal Bridge Advisors LLC boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,882 shares of the financial services provider’s stock after buying an additional 330 shares during the period. Coastal Bridge Advisors LLC’s holdings in Wells Fargo & Company were worth $781,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of WFC. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $28,000. BNP Paribas acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $28,000. Motco lifted its position in Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares during the period. Parvin Asset Management LLC acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $32,000. Finally, Dunhill Financial LLC increased its stake in shares of Wells Fargo & Company by 63.7% in the 4th quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 193 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Ratings Changes

WFC has been the subject of a number of recent analyst reports. Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Wall Street Zen cut shares of Wells Fargo & Company from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Raymond James Financial downgraded Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Morgan Stanley increased their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a report on Wednesday, June 4th. Finally, Truist Financial raised their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $80.39.

Wells Fargo & Company Stock Down 1.0%

Shares of NYSE WFC opened at $81.79 on Thursday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $84.83. The stock has a market capitalization of $266.16 billion, a P/E ratio of 14.01, a PEG ratio of 1.29 and a beta of 1.16. The stock’s fifty day moving average is $78.31 and its 200 day moving average is $74.83.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The firm had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter in the previous year, the business posted $1.33 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal 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 repurchase 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 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.20%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 27.40%.

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.