Towerpoint Wealth LLC Makes New $206,000 Investment in Wells Fargo & Company (NYSE:WFC)

Towerpoint Wealth LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 3,561 shares of the financial services provider’s stock, valued at approximately $206,000.

A number of other institutional investors have also recently modified their holdings of WFC. United Services Automobile Association grew its position in shares of Wells Fargo & Company by 13.7% in the third quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock valued at $4,000,000 after purchasing an additional 11,825 shares during the period. Synovus Financial Corp boosted its holdings in Wells Fargo & Company by 61.7% in the 3rd quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock worth $4,983,000 after buying an additional 46,525 shares during the last quarter. Slagle Financial LLC increased its stake in Wells Fargo & Company by 97.3% during the 4th quarter. Slagle Financial LLC now owns 138,594 shares of the financial services provider’s stock worth $6,822,000 after buying an additional 68,356 shares in the last quarter. Ballentine Partners LLC raised its holdings in shares of Wells Fargo & Company by 5.4% during the first quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock valued at $2,074,000 after acquiring an additional 1,835 shares during the last quarter. Finally, Trust Point Inc. purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $2,499,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WFC has been the subject of several recent research reports. HSBC increased their price objective on Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $62.00 price target (up from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. JPMorgan Chase & Co. increased their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Evercore ISI boosted their target price on Wells Fargo & Company from $69.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, The Goldman Sachs Group increased their price target on Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 1st. Fourteen research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $59.15.

Wells Fargo & Company Trading Up 0.7 %

Shares of NYSE WFC traded up $0.41 during trading on Thursday, reaching $57.42. The stock had a trading volume of 13,641,330 shares, compared to its average volume of 18,465,986. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market cap of $200.18 billion, a P/E ratio of 11.94, a PEG ratio of 1.41 and a beta of 1.17. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55. The business’s 50-day moving average price is $59.59 and its 200-day moving average price is $54.93.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same period in the previous year, the company posted $1.23 EPS. Wells Fargo & Company’s revenue was up .6% compared to the same quarter last year. On average, equities research analysts predict that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were issued a dividend of $0.35 per share. The ex-dividend date was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.44%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.