Sendero Wealth Management LLC Has $1.15 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Sendero Wealth Management LLC lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 22.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,009 shares of the financial services provider’s stock after selling 4,508 shares during the quarter. Sendero Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,149,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Rialto Wealth Management LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $28,000. BNP Paribas bought a new position in Wells Fargo & Company during the 4th quarter worth $28,000. Rakuten Securities Inc. raised its holdings in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 237 shares in the last quarter. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $30,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

WFC stock opened at $75.67 on Wednesday. The company has a fifty day moving average price of $70.17 and a 200-day moving average price of $72.93. The company has a market capitalization of $246.26 billion, a P/E ratio of 14.07, a PEG ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a 52-week low of $50.15 and a 52-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.

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

Wells Fargo & Company declared that its board has authorized a stock buyback program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.11%. Wells Fargo & Company’s payout ratio is 28.73%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. reduced their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Bank of America decreased their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Truist Financial reduced their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Raymond James lowered their target price on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a research note on Monday, April 14th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $75.73.

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.