Tritonpoint Wealth LLC Sells 1,113 Shares of Wells Fargo & Company (NYSE:WFC)

Tritonpoint Wealth LLC lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 137,410 shares of the financial services provider’s stock after selling 1,113 shares during the period. Wells Fargo & Company accounts for about 0.9% of Tritonpoint Wealth LLC’s portfolio, making the stock its 26th largest position. Tritonpoint Wealth LLC’s holdings in Wells Fargo & Company were worth $9,865,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth $26,000. Investment Counsel Co. of Nevada bought a new position in Wells Fargo & Company in the fourth quarter valued at about $28,000. BNP Paribas bought a new position in Wells Fargo & Company in the fourth quarter valued at about $28,000. Rakuten Securities Inc. boosted its holdings in Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC bought a new position in Wells Fargo & Company in the fourth quarter valued at about $32,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on WFC shares. JPMorgan Chase & Co. decreased their price target on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. Citigroup decreased their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Bank of America boosted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, June 4th. Finally, Piper Sandler restated an “overweight” rating and set a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Seven 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 an average rating of “Moderate Buy” and an average price target of $77.68.

Wells Fargo & Company Trading Down 2.3%

NYSE WFC opened at $72.31 on Friday. The stock has a market capitalization of $235.31 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 1.18 and a beta of 1.16. The stock’s 50 day moving average price is $71.42 and its two-hundred day moving average price is $72.93. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50.

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

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend 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 declared that its board has authorized a stock buyback program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Wells Fargo & Company Profile

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.