BigSur Wealth Management LLC Invests $542,000 in Wells Fargo & Company (NYSE:WFC)

BigSur Wealth Management LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 1st quarter, HoldingsChannel.com reports. The fund bought 7,550 shares of the financial services provider’s stock, valued at approximately $542,000.

Several other large investors also recently bought and sold shares of WFC. Spinnaker Trust boosted its holdings in shares of Wells Fargo & Company by 1.8% in the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock valued at $520,000 after acquiring an additional 130 shares during the last quarter. Shakespeare Wealth Management LLC boosted its holdings in shares of Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock valued at $972,000 after acquiring an additional 130 shares during the last quarter. MONECO Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 1.9% in the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock valued at $493,000 after acquiring an additional 134 shares during the last quarter. Safeguard Investment Advisory Group LLC boosted its holdings in shares of Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock valued at $410,000 after acquiring an additional 137 shares during the last quarter. Finally, Crown Wealth Group LLC boosted its holdings in shares of Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Barclays dropped their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Raymond James decreased their target price on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a research note on Monday, April 14th. Piper Sandler reiterated an “overweight” rating and issued a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. decreased their target price on shares of 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. 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, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.68.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $72.31 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The company has a fifty day moving average of $71.42 and a two-hundred day moving average of $72.93. The stock has a market capitalization of $235.31 billion, a PE ratio of 13.44, a P/E/G 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.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 earnings per share. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

Wells Fargo & Company announced that its Board of Directors has approved a share buyback plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

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.