First Heartland Consultants Inc. Sells 1,655 Shares of Wells Fargo & Company (NYSE:WFC)

First Heartland Consultants Inc. cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 30.2% during the 4th quarter, HoldingsChannel reports. The firm owned 3,822 shares of the financial services provider’s stock after selling 1,655 shares during the period. First Heartland Consultants Inc.’s holdings in Wells Fargo & Company were worth $268,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at approximately $26,000. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at approximately $28,000. BNP Paribas bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at approximately $28,000. McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at approximately $30,000. Finally, Rakuten Securities Inc. grew its holdings in shares of Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 237 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

WFC has been the topic of several research reports. Raymond James decreased their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a report on Monday, April 14th. TD Cowen initiated coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They set a “hold” rating and a $83.00 target price on the stock. Citigroup reduced their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Finally, Piper Sandler reduced their target price on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Wells Fargo & Company Trading Up 0.2%

NYSE:WFC opened at $73.32 on Friday. The firm’s fifty day moving average is $69.97 and its 200-day moving average is $72.76. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The firm has a market cap of $238.60 billion, a P/E ratio of 13.63, a P/E/G ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 earnings per share. Equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Wells Fargo & Company declared that its Board of Directors has initiated a stock buyback program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding 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 typically an indication that the company’s leadership believes its shares are undervalued.

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.