Wells Fargo & Company (NYSE:WFC) Shares Sold by Community Trust & Investment Co.

Community Trust & Investment Co. lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 5.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,134 shares of the financial services provider’s stock after selling 284 shares during the period. Community Trust & Investment Co.’s holdings in Wells Fargo & Company were worth $369,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of WFC. Spinnaker Trust boosted its stake in shares of Wells Fargo & Company by 1.8% during the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock worth $520,000 after acquiring an additional 130 shares in the last quarter. Shakespeare Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 0.9% during the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock valued at $972,000 after purchasing an additional 130 shares during the last quarter. MONECO Advisors LLC boosted its position in shares of Wells Fargo & Company by 1.9% in the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock valued at $493,000 after purchasing an additional 134 shares during the period. Safeguard Investment Advisory Group LLC increased its stake in Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 137 shares in the last quarter. Finally, Crown Wealth Group LLC raised its holdings in Wells Fargo & Company by 2.2% during the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock worth $467,000 after buying an additional 140 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on WFC shares. JPMorgan Chase & Co. decreased their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Truist Financial decreased their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, April 14th. 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 research note on Thursday, March 13th. TD Cowen started coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a “hold” rating and a $83.00 target price for the company. Finally, Citigroup lowered their price target on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Seven equities 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.68.

Wells Fargo & Company Trading Down 2.3%

Shares of NYSE WFC opened at $72.31 on Monday. The stock has a market cap of $235.31 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 1.18 and a beta of 1.16. The business has a 50 day simple moving average of $71.42 and a 200 day simple moving average of $72.87. 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.

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

Wells Fargo & Company announced that its Board of Directors has authorized a share repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s payout ratio is 28.73%.

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.