Wells Fargo & Company (NYSE:WFC) Shares Sold by Wedmont Private Capital

Wedmont Private Capital trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 13.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 141,297 shares of the financial services provider’s stock after selling 21,796 shares during the quarter. Wedmont Private Capital’s holdings in Wells Fargo & Company were worth $10,144,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Rialto Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $26,000. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $28,000. BNP Paribas purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $28,000. Rakuten Securities Inc. boosted its holdings in shares of Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after buying an additional 237 shares in the last quarter. Finally, McClarren Financial Advisors Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $30,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Truist Financial reduced their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Barclays decreased their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday. Piper Sandler reaffirmed an “overweight” rating and issued a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday. Finally, TD Cowen started coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a “hold” rating and a $83.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.48.

Wells Fargo & Company Trading Up 2.0%

Shares of WFC stock opened at $76.38 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The firm’s 50 day moving average price is $70.42 and its two-hundred day moving average price is $72.97. The stock has a market cap of $248.55 billion, a price-to-earnings ratio of 14.20, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16.

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

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

Wells Fargo & Company Announces Dividend

The firm 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. This represents a $1.60 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

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.