Kingswood Wealth Advisors LLC Sells 2,150 Shares of Wells Fargo & Company (NYSE:WFC)

Kingswood Wealth Advisors LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 11.7% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 16,264 shares of the financial services provider’s stock after selling 2,150 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Wells Fargo & Company were worth $1,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in WFC. Shakespeare Wealth Management LLC raised its stake in Wells Fargo & Company by 0.9% during the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock valued at $972,000 after buying an additional 130 shares during the last quarter. MONECO Advisors LLC increased its holdings in shares of Wells Fargo & Company by 1.9% during the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock valued at $493,000 after acquiring an additional 134 shares in the last quarter. Safeguard Investment Advisory Group LLC raised its position in shares of Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 137 shares during the last quarter. Crown Wealth Group LLC boosted its stake in Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 140 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC grew its position in Wells Fargo & Company by 0.6% during the 4th quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider’s stock valued at $1,580,000 after purchasing an additional 144 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

NYSE WFC opened at $74.74 on Friday. The business’s fifty day moving average is $72.16 and its 200 day moving average is $72.86. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market capitalization of $243.21 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 1.25 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates 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 12.15% and a net margin of 16.19%. The business’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 EPS. Sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its Board of Directors has approved 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 repurchase up to 17.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The company also recently declared 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 of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.14%. Wells Fargo & Company’s payout ratio is currently 28.73%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on WFC. Truist Financial dropped their target price on shares of 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. Citigroup lowered their price objective 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. Morgan Stanley increased their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. The Goldman Sachs Group boosted their price target on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Wells Fargo & Company in a research report on Wednesday. Seven investment 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.98.

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.