Tidal Investments LLC Sells 24,361 Shares of Wells Fargo & Company (NYSE:WFC)

Tidal Investments LLC cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 17.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 114,452 shares of the financial services provider’s stock after selling 24,361 shares during the quarter. Tidal Investments LLC’s holdings in Wells Fargo & Company were worth $8,039,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of WFC. Norges Bank bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $3,365,658,000. Capital Research Global Investors increased its position in shares of Wells Fargo & Company by 932.0% during the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock valued at $1,105,218,000 after purchasing an additional 14,210,193 shares during the last quarter. Northern Trust Corp increased its position in shares of Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Theleme Partners LLP bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $187,049,000. Finally, Artisan Partners Limited Partnership bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $117,026,000. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Barclays dropped their target price on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. dropped their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Piper Sandler dropped their target price on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price for the company in a report on Thursday, March 13th. Finally, Bank of America dropped their target price on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.73.

Wells Fargo & Company Trading Down 0.2%

NYSE WFC opened at $76.05 on Tuesday. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a 50 day simple moving average of $69.74 and a two-hundred day simple moving average of $72.67. The stock has a market cap of $247.48 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.20 EPS. On average, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company’s payout ratio is presently 28.73%.

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