Keystone Financial Services Sells 1,137 Shares of Wells Fargo & Company (NYSE:WFC)

Keystone Financial Services trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 6.1% in the 1st quarter, Holdings Channel reports. The firm owned 17,381 shares of the financial services provider’s stock after selling 1,137 shares during the quarter. Wells Fargo & Company accounts for 0.5% of Keystone Financial Services’ holdings, making the stock its 28th biggest holding. Keystone Financial Services’ holdings in Wells Fargo & Company were worth $1,248,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Modera Wealth Management LLC increased its stake in shares of Wells Fargo & Company by 14.1% during the fourth quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider’s stock valued at $1,444,000 after buying an additional 2,548 shares during the period. Cornerstone Advisors LLC increased its stake in shares of Wells Fargo & Company by 2.1% during the fourth quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider’s stock valued at $14,343,000 after buying an additional 4,200 shares during the period. Metis Global Partners LLC increased its stake in shares of Wells Fargo & Company by 4.0% during the fourth quarter. Metis Global Partners LLC now owns 172,335 shares of the financial services provider’s stock valued at $12,105,000 after buying an additional 6,668 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Wells Fargo & Company by 12.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider’s stock valued at $45,783,000 after buying an additional 70,104 shares during the period. Finally, Marble Harbor Investment Counsel LLC increased its stake in shares of Wells Fargo & Company by 4.2% during the fourth quarter. Marble Harbor Investment Counsel LLC now owns 130,504 shares of the financial services provider’s stock valued at $9,167,000 after buying an additional 5,215 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $77.02 on Tuesday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market cap of $250.64 billion, a PE ratio of 13.83, a P/E/G ratio of 1.26 and a beta of 1.16. The business has a 50-day simple moving average of $72.70 and a two-hundred day simple moving average of $72.88. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate 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 12.15% and a net margin of 16.19%. The company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company earned $1.20 earnings per share. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its Board of Directors has authorized a stock repurchase 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 reacquire up to 17.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Analyst Upgrades and Downgrades

WFC has been the topic of several research reports. Truist Financial cut their price target 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. Morgan Stanley raised their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. Evercore ISI raised their price target on Wells Fargo & Company from $72.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, June 4th. JPMorgan Chase & Co. cut their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Finally, Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus target price of $77.98.

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.