Wells Fargo & Company (NYSE:WFC) Shares Sold by Unison Asset Management LLC

Unison Asset Management LLC lowered its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 97,615 shares of the financial services provider’s stock after selling 8,310 shares during the period. Wells Fargo & Company accounts for 4.0% of Unison Asset Management LLC’s investment portfolio, making the stock its 10th largest holding. Unison Asset Management LLC’s holdings in Wells Fargo & Company were worth $7,008,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of WFC. Cornerstone Wealth Group LLC raised its position in Wells Fargo & Company by 30.0% during the 1st quarter. Cornerstone Wealth Group LLC now owns 7,521 shares of the financial services provider’s stock worth $540,000 after buying an additional 1,736 shares during the last quarter. Petros Family Wealth LLC raised its position in Wells Fargo & Company by 4.5% during the 1st quarter. Petros Family Wealth LLC now owns 6,852 shares of the financial services provider’s stock worth $492,000 after buying an additional 295 shares during the last quarter. Embree Financial Group purchased a new position in Wells Fargo & Company during the 1st quarter worth $224,000. Keudell Morrison Wealth Management raised its position in Wells Fargo & Company by 6.0% during the 1st quarter. Keudell Morrison Wealth Management now owns 12,118 shares of the financial services provider’s stock worth $870,000 after buying an additional 685 shares during the last quarter. Finally, Legacy Advisors LLC raised its position in Wells Fargo & Company by 5.4% during the 1st quarter. Legacy Advisors LLC now owns 14,637 shares of the financial services provider’s stock worth $1,051,000 after buying an additional 748 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC opened at $77.02 on Tuesday. The company’s 50 day simple moving average is $72.70 and its 200 day simple moving average is $72.88. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The stock has a market capitalization of $250.64 billion, a PE ratio of 13.83, a P/E/G ratio of 1.26 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $20.82 billion. During the same period last year, the company earned $1.20 earnings per share. The company’s quarterly revenue was down 3.4% on a year-over-year basis. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

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

Wells Fargo & Company Announces Dividend

The firm 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 2.08%. Wells Fargo & Company’s payout ratio is 28.73%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on WFC. Raymond James Financial restated a “strong-buy” rating on shares of Wells Fargo & Company in a research report on Wednesday, June 18th. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. JPMorgan Chase & Co. cut their price target 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. Piper Sandler reiterated an “overweight” rating and issued a $85.00 price target (up previously from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Finally, TD Cowen initiated coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a “hold” rating and a $83.00 price target for the company. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.