Wells Fargo & Company (NYSE:WFC) Shares Sold by First Interstate Bank

First Interstate Bank lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 6.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,486 shares of the financial services provider’s stock after selling 227 shares during the period. First Interstate Bank’s holdings in Wells Fargo & Company were worth $250,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. RKL Wealth Management LLC raised its position in shares of Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 5,113 shares during the last quarter. Cornerstone Advisors LLC raised its holdings in Wells Fargo & Company by 2.1% in the 4th quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider’s stock valued at $14,343,000 after acquiring an additional 4,200 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Wells Fargo & Company by 12.1% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider’s stock valued at $45,783,000 after acquiring an additional 70,104 shares during the last quarter. Catalyst Funds Management Pty Ltd raised its holdings in Wells Fargo & Company by 102.2% in the 4th quarter. Catalyst Funds Management Pty Ltd now owns 83,100 shares of the financial services provider’s stock valued at $5,837,000 after acquiring an additional 42,000 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Wells Fargo & Company by 30.5% in the 1st quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider’s stock valued at $353,668,000 after acquiring an additional 1,152,181 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.4%

Shares of NYSE:WFC traded up $0.30 during mid-day trading on Wednesday, reaching $81.89. 1,439,468 shares of the company were exchanged, compared to its average volume of 17,343,002. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market cap of $266.47 billion, a price-to-earnings ratio of 14.70, a P/E/G ratio of 1.38 and a beta of 1.16. The firm’s 50-day simple moving average is $75.81 and its 200 day simple moving average is $73.64. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $83.95.

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, topping analysts’ consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The firm’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company posted $1.20 EPS. Equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its Board of Directors has approved a stock buyback plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The firm 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 annualized dividend and a yield of 1.95%. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Citigroup reiterated a “neutral” rating on shares of Wells Fargo & Company in a report on Tuesday. TD Cowen assumed coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a “hold” rating and a $83.00 price objective for the company. Truist Financial cut 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 report on Monday, April 14th. Finally, Royal Bank Of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a report on Thursday, March 13th. Eight investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.33.

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.