Pacer Advisors Inc. Sells 175,881 Shares of Wells Fargo & Company (NYSE:WFC)

Pacer Advisors Inc. trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 40.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 259,425 shares of the financial services provider’s stock after selling 175,881 shares during the quarter. Pacer Advisors Inc.’s holdings in Wells Fargo & Company were worth $18,624,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company during the 4th quarter worth about $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $28,000. Parvin Asset Management LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $32,000. Dunhill Financial LLC boosted its holdings in Wells Fargo & Company by 63.7% in the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 193 shares during the last quarter. Finally, Orion Capital Management LLC bought a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $35,000. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on WFC shares. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. JPMorgan Chase & Co. decreased their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Bank of America upped 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. Finally, Truist Financial increased their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $80.39.

Wells Fargo & Company Price Performance

Shares of WFC opened at $84.25 on Friday. The business’s fifty day moving average is $77.86 and its 200 day moving average is $74.61. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market cap 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.

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

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors 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 1.90%. Wells Fargo & Company’s payout ratio is 27.40%.

Wells Fargo & Company announced that its Board of Directors has approved a share repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are often 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.