Wells Fargo & Company (NYSE:WFC) Shares Sold by Entruity Wealth LLC

Entruity Wealth LLC trimmed its position in Wells Fargo & Company (NYSE:WFC) by 2.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 12,921 shares of the financial services provider’s stock after selling 350 shares during the period. Wells Fargo & Company accounts for about 0.9% of Entruity Wealth LLC’s portfolio, making the stock its 29th largest position. Entruity Wealth LLC’s holdings in Wells Fargo & Company were worth $928,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Tower Bridge Advisors grew its position in Wells Fargo & Company by 8.5% in the first quarter. Tower Bridge Advisors now owns 38,476 shares of the financial services provider’s stock worth $2,762,000 after acquiring an additional 3,030 shares during the period. Modera Wealth Management LLC lifted its stake in shares of Wells Fargo & Company by 2.7% in the 1st quarter. Modera Wealth Management LLC now owns 21,110 shares of the financial services provider’s stock valued at $1,515,000 after purchasing an additional 548 shares during the last quarter. Mesirow Financial Investment Management Inc. lifted its stake in shares of Wells Fargo & Company by 109.0% in the 1st quarter. Mesirow Financial Investment Management Inc. now owns 37,064 shares of the financial services provider’s stock valued at $2,661,000 after purchasing an additional 19,333 shares during the last quarter. Arkadios Wealth Advisors grew its holdings in shares of Wells Fargo & Company by 11.8% during the 1st quarter. Arkadios Wealth Advisors now owns 24,723 shares of the financial services provider’s stock worth $1,775,000 after purchasing an additional 2,612 shares during the period. Finally, Tredje AP fonden boosted its stake in shares of Wells Fargo & Company by 7.2% in the first quarter. Tredje AP fonden now owns 2,044,426 shares of the financial services provider’s stock valued at $146,769,000 after purchasing an additional 138,182 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Wall Street Zen cut Wells Fargo & Company from a “hold” rating to a “sell” rating in a research note on Saturday. Truist Financial increased their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Finally, Evercore ISI reissued an “outperform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. One 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. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.39.

Wells Fargo & Company Stock Down 0.5%

WFC stock opened at $82.63 on Wednesday. The company has a market cap of $268.88 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 1.29 and a beta of 1.16. The company has a fifty day moving average price of $78.14 and a 200 day moving average price of $74.78. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $84.83.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same period in the previous year, the business posted $1.33 earnings per share. Wells Fargo & Company’s quarterly revenue was up .6% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.18%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 27.40%.

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

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.