FourThought Financial Partners LLC Trims Stock Holdings in Wells Fargo & Company (NYSE:WFC)

FourThought Financial Partners LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 4.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,074 shares of the financial services provider’s stock after selling 258 shares during the period. FourThought Financial Partners LLC’s holdings in Wells Fargo & Company were worth $364,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Secured Retirement Advisors LLC purchased a new position in Wells Fargo & Company in the 1st quarter valued at approximately $408,000. RKL Wealth Management LLC grew its stake in Wells Fargo & Company by 166.4% in the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock valued at $588,000 after buying an additional 5,113 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake 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 buying an additional 70,104 shares in the last quarter. Silver Oak Securities Incorporated purchased a new position in Wells Fargo & Company in the 1st quarter valued at approximately $215,000. Finally, Principal Financial Group Inc. grew its stake 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 buying an additional 1,152,181 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $84.25 on Friday. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $84.83. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market capitalization of $274.15 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.31 and a beta of 1.16. The company has a fifty day moving average of $77.86 and a 200-day moving average of $74.61.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period in the prior year, the business posted $1.33 earnings per share. The company’s revenue was up .6% on a year-over-year basis. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

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

Wells Fargo & Company Dividend Announcement

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 dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 1.90%. Wells Fargo & Company’s payout ratio is 27.40%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Dbs Bank upgraded shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Bank of America boosted their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. Wall Street Zen lowered shares of Wells Fargo & Company from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, TD Cowen initiated coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a “hold” rating and a $83.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.39.

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.