Wells Fargo & Company (NYSE:WFC) Shares Sold by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 13.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,561 shares of the financial services provider’s stock after selling 2,800 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Wells Fargo & Company were worth $1,261,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Modera Wealth Management LLC boosted its position in 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 worth $1,444,000 after acquiring an additional 2,548 shares during the last quarter. Cornerstone Advisors LLC boosted its position in 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 worth $14,343,000 after acquiring an additional 4,200 shares during the last quarter. Metis Global Partners LLC boosted its position in 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 worth $12,105,000 after acquiring an additional 6,668 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in 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 worth $45,783,000 after acquiring an additional 70,104 shares during the last quarter. Finally, Marble Harbor Investment Counsel LLC boosted its position in 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 worth $9,167,000 after acquiring an additional 5,215 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on WFC shares. Piper Sandler restated an “overweight” rating and set a $85.00 target price (up previously from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Bank of America increased their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. Evercore ISI increased their price target on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 4th. Truist Financial cut their price target on shares of 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, Royal Bank Of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research note on Thursday, March 13th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average target price of $77.98.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $79.08 on Thursday. The company’s fifty day simple moving average is $73.27 and its 200-day simple moving average is $72.96. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. The company has a market cap of $257.34 billion, a PE ratio of 14.20, a P/E/G ratio of 1.31 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last issued 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. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The business had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter last year, the firm posted $1.20 EPS. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s payout ratio is 28.73%.

Wells Fargo & Company announced that its board has authorized a share buyback plan on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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.