Net Worth Advisory Group Sells 3,409 Shares of Wells Fargo & Company (NYSE:WFC)

Net Worth Advisory Group lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 18.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,753 shares of the financial services provider’s stock after selling 3,409 shares during the quarter. Net Worth Advisory Group’s holdings in Wells Fargo & Company were worth $1,059,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Valmark Advisers Inc. raised its holdings in Wells Fargo & Company by 5.5% in the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock worth $583,000 after purchasing an additional 431 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new position in Wells Fargo & Company in the fourth quarter worth $1,656,000. Modera Wealth Management LLC raised its holdings in Wells Fargo & Company by 14.1% in the fourth quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider’s stock worth $1,444,000 after purchasing an additional 2,548 shares in the last quarter. Cornerstone Advisors LLC raised its holdings in Wells Fargo & Company by 2.1% in the fourth quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider’s stock worth $14,343,000 after purchasing an additional 4,200 shares in the last quarter. Finally, Jessup Wealth Management Inc bought a new position in Wells Fargo & Company in the fourth quarter worth $224,000. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

WFC has been the subject of a number of research reports. Morgan Stanley increased their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. Truist Financial cut their target price on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Piper Sandler reissued an “overweight” rating and issued a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Barclays cut their target price on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Finally, Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research note on Thursday, March 13th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.68.

Wells Fargo & Company Trading Down 0.7%

Wells Fargo & Company stock opened at $74.95 on Thursday. 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 one year low of $50.15 and a one year high of $81.50. The stock has a market capitalization of $243.90 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The business’s fifty day moving average is $70.98 and its 200 day moving average is $72.99.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data 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. 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 analysts’ expectations of $20.82 billion. During the same period last year, the firm posted $1.20 earnings per share. Wells Fargo & Company’s revenue was down 3.4% compared to the same quarter last year. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.13%. Wells Fargo & Company’s payout ratio is 28.73%.

Wells Fargo & Company declared that its Board of Directors has initiated a stock repurchase program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is 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.