Pallas Capital Advisors LLC Raises Position in Wells Fargo & Company (NYSE:WFC)

Pallas Capital Advisors LLC grew its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 5.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 41,943 shares of the financial services provider’s stock after purchasing an additional 2,349 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Wells Fargo & Company were worth $3,011,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Spinnaker Trust lifted its stake in shares of Wells Fargo & Company by 1.8% during the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock worth $520,000 after purchasing an additional 130 shares during the period. Shakespeare Wealth Management LLC increased its holdings in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock worth $972,000 after buying an additional 130 shares during the last quarter. MONECO Advisors LLC increased its holdings in shares of Wells Fargo & Company by 1.9% during the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock worth $493,000 after buying an additional 134 shares during the last quarter. Safeguard Investment Advisory Group LLC increased its holdings in shares of Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after buying an additional 137 shares during the last quarter. Finally, Crown Wealth Group LLC increased its holdings in shares of Wells Fargo & Company by 2.2% during the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock worth $467,000 after buying an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research analyst reports. TD Cowen initiated coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a “hold” rating and a $83.00 price objective for the company. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a report on Thursday, March 13th. Barclays dropped their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Raymond James 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 report on Monday, April 14th. Finally, Evercore ISI increased their price target on Wells Fargo & Company from $72.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, June 4th. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target of $77.48.

Wells Fargo & Company Stock Up 0.1%

Shares of Wells Fargo & Company stock opened at $76.40 on Tuesday. The business has a 50-day moving average of $70.50 and a 200-day moving average of $72.96. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The company has a market capitalization of $248.61 billion, a PE ratio of 14.20, a P/E/G ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50.

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

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.09%. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

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