Thurston Springer Miller Herd & Titak Inc. Sells 1,226 Shares of Wells Fargo & Company (NYSE:WFC)

Thurston Springer Miller Herd & Titak Inc. reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 33.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,444 shares of the financial services provider’s stock after selling 1,226 shares during the period. Thurston Springer Miller Herd & Titak Inc.’s holdings in Wells Fargo & Company were worth $175,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of WFC. Empowered Funds LLC raised its position in Wells Fargo & Company by 19.1% during the 4th quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider’s stock valued at $13,369,000 after purchasing an additional 30,510 shares in the last quarter. Valmark Advisers Inc. raised its position in Wells Fargo & Company by 5.5% during the 4th quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock valued at $583,000 after purchasing an additional 431 shares in the last quarter. NatWest Group plc raised its position in Wells Fargo & Company by 57.7% during the 4th quarter. NatWest Group plc now owns 172,484 shares of the financial services provider’s stock valued at $12,115,000 after purchasing an additional 63,102 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new stake in Wells Fargo & Company during the 4th quarter valued at $1,656,000. Finally, Modera Wealth Management LLC raised its position in Wells Fargo & Company by 14.1% during the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider’s stock valued at $1,444,000 after purchasing an additional 2,548 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Trading Up 2.0%

Shares of Wells Fargo & Company stock opened at $76.38 on Friday. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The firm has a market cap of $248.55 billion, a PE ratio of 14.20, a P/E/G ratio of 1.18 and a beta of 1.16. The business’s fifty day moving average is $70.42 and its two-hundred day moving average is $72.97. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping 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%. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 EPS. Analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.09%. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

Wells Fargo & Company announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WFC. Raymond James cut their price target on 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. Piper Sandler reaffirmed an “overweight” rating and set a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday. Evercore ISI upped their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday. Citigroup reduced their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Finally, Bank of America upped their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday. Seven equities research 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.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.48.

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.