Wells Fargo & Company (NYSE:WFC) Shares Sold by Bruce G. Allen Investments LLC

Bruce G. Allen Investments LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 11.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,587 shares of the financial services provider’s stock after selling 583 shares during the quarter. Bruce G. Allen Investments LLC’s holdings in Wells Fargo & Company were worth $329,000 at the end of the most recent reporting period.

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

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $76.38 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The firm has a market capitalization of $248.55 billion, a PE ratio of 14.20, a P/E/G ratio of 1.18 and a beta of 1.16. The business’s 50 day moving average price is $70.42 and its 200-day moving average price is $72.95.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. The company had revenue of $20.15 billion for 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 quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.20 EPS. As a group, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its board has authorized a share buyback program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on WFC shares. Morgan Stanley boosted their target price 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, June 4th. Barclays decreased their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Truist Financial dropped their target price on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research note on Thursday, March 13th. Finally, Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Seven investment 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.48.

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.