Algert Global LLC Lowers Position in Wells Fargo & Company (NYSE:WFC)

Algert Global LLC trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC) by 19.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 56,929 shares of the financial services provider’s stock after selling 13,549 shares during the period. Algert Global LLC’s holdings in Wells Fargo & Company were worth $3,999,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Rialto Wealth Management LLC bought 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 shares of Wells Fargo & Company during the 4th quarter worth approximately $28,000. McClarren Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $30,000. Rakuten Securities Inc. grew its holdings in shares of 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 purchasing an additional 237 shares in the last quarter. Finally, Decker Retirement Planning Inc. bought a new stake in Wells Fargo & Company in the fourth quarter worth $32,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

WFC opened at $73.48 on Wednesday. The company has a market capitalization of $239.12 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.18 and a beta of 1.13. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The business’s fifty day simple moving average is $69.25 and its 200-day simple moving average is $72.00.

Wells Fargo & Company (NYSE:WFC) last issued 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. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. During the same period in the prior year, the business earned $1.20 EPS. The firm’s quarterly revenue was down 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.18%. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

Wells Fargo & Company declared that its board has approved a stock buyback program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

WFC has been the subject of a number of recent research reports. Truist Financial dropped their price objective on shares of 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. Piper Sandler lowered their price target on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Monday, April 7th. Raymond James lowered their target price on shares of 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, Royal Bank of Canada raised shares of 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. Six 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. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.34.

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.