Sunbelt Securities Inc. Sells 415 Shares of Wells Fargo & Company (NYSE:WFC)

Sunbelt Securities Inc. decreased its holdings in Wells Fargo & Company (NYSE:WFC) by 1.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,415 shares of the financial services provider’s stock after selling 415 shares during the period. Sunbelt Securities Inc.’s holdings in Wells Fargo & Company were worth $1,649,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in WFC. Ironwood Wealth Management LLC. bought a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $221,000. Beaumont Financial Advisors LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $208,000. Mutual Advisors LLC increased its stake in shares of Wells Fargo & Company by 27.5% during the fourth quarter. Mutual Advisors LLC now owns 24,198 shares of the financial services provider’s stock worth $1,838,000 after purchasing an additional 5,217 shares during the period. Secure Asset Management LLC increased its stake in shares of Wells Fargo & Company by 11.7% during the fourth quarter. Secure Asset Management LLC now owns 5,067 shares of the financial services provider’s stock worth $356,000 after purchasing an additional 530 shares during the period. Finally, Cerro Pacific Wealth Advisors LLC grew its position in Wells Fargo & Company by 3.6% during the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 4,809 shares of the financial services provider’s stock worth $338,000 after buying an additional 167 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.7%

NYSE WFC opened at $72.86 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 twelve month low of $50.15 and a twelve month high of $81.50. The company has a market cap of $237.09 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The business’s fifty day moving average is $70.01 and its 200 day moving average is $72.82.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $20.82 billion. During the same quarter last year, the business posted $1.20 EPS. Wells Fargo & Company’s revenue for the quarter was down 3.4% on a year-over-year basis. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its board has authorized a stock buyback plan on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Morgan Stanley increased their price target on Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, April 7th. Citigroup reduced their price target on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Truist Financial reduced their price target 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. TD Cowen assumed coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They set a “hold” rating and a $83.00 price target on the stock. Finally, Barclays reduced their price target on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Wells Fargo & Company 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.