Geode Capital Management LLC Trims Stock Position in Wells Fargo & Company $WFC

Geode Capital Management LLC lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 72,382,568 shares of the financial services provider’s stock after selling 1,219,755 shares during the period. Geode Capital Management LLC’s holdings in Wells Fargo & Company were worth $6,716,547,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of WFC. Navalign LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company during the 3rd quarter valued at about $27,000. Joseph Group Capital Management purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. Imprint Wealth LLC acquired a new position in Wells Fargo & Company in the 3rd quarter worth about $31,000. Finally, Cloud Capital Management LLC acquired a new position in Wells Fargo & Company in the 3rd quarter worth about $37,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $76.02 on Thursday. Wells Fargo & Company has a 12 month low of $71.93 and a 12 month high of $97.76. The stock has a 50 day moving average of $79.02 and a two-hundred day moving average of $85.03. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. The firm has a market cap of $232.65 billion, a P/E ratio of 11.73, a price-to-earnings-growth ratio of 0.91 and a beta of 0.96.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The company had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. During the same period in the previous year, the business earned $1.39 EPS. Wells Fargo & Company’s quarterly revenue was up 6.4% on a year-over-year basis. On average, analysts expect that Wells Fargo & Company will post 6.84 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, May 8th. Wells Fargo & Company’s payout ratio is 27.78%.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: CEO Charlie Scharf said Wells Fargo expects investment banking and trading revenue to grow by mid-teen percentages in the second quarter, signaling improving fee-based momentum and helping support the bank’s earnings outlook. Wells Fargo CEO sees mid-teens growth in investment banking, trading
• Positive Sentiment: Wells Fargo also highlighted mortgage incentives tied to ICON’s 3D-printed homes, showing efforts to expand lending opportunities and grow originations in niche housing markets. Wells Fargo to offer mortgage incentives on 3D printed homes with Icon
• Neutral Sentiment: The company presented at Bernstein’s Strategic Decisions Conference, which may have kept Wells Fargo in focus but did not by itself add a major new catalyst. Wells Fargo & Company (WFC) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript
• Neutral Sentiment: Several articles reiterated Wells Fargo as a dividend stock and discussed its longer-term recovery potential, but these were largely commentary pieces rather than new fundamental developments. Wells Fargo (WFC) is a Top Dividend Stock Right Now: Should You Buy?
• Negative Sentiment: Recent coverage noted that WFC shares have fallen sharply year to date and were down again after a six-day rally, suggesting investors are still wary about the stock’s near-term momentum. Wells Fargo (WFC) Stock Falls Amid Market Uptick: What Investors Need to Know
• Negative Sentiment: Investor attention also remains on Wells Fargo’s still-elevated legal and regulatory overhangs, including a reported $100 million settlement tied to struggling homebuyers. Wells Fargo settlement will pay 100M to help struggling homebuyers in 51 cities

Analysts Set New Price Targets

A number of research firms recently weighed in on WFC. Morgan Stanley reduced their price target on Wells Fargo & Company from $108.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, March 31st. Truist Financial reduced their price target on Wells Fargo & Company from $98.00 to $94.00 and set a “buy” rating for the company in a report on Tuesday, March 17th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. Finally, Jefferies Financial Group began coverage on Wells Fargo & Company in a report on Thursday, March 26th. They issued a “buy” rating and a $100.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $97.53.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.