Wells Fargo & Company $WFC Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 13.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 549,396 shares of the financial services provider’s stock after selling 85,198 shares during the quarter. Gabelli Funds LLC’s holdings in Wells Fargo & Company were worth $51,204,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. RiverFront Investment Group LLC raised its position in shares of Wells Fargo & Company by 9.7% in the fourth quarter. RiverFront Investment Group LLC now owns 121,907 shares of the financial services provider’s stock valued at $11,362,000 after buying an additional 10,753 shares during the last quarter. Sapient Capital LLC raised its position in shares of Wells Fargo & Company by 0.3% in the fourth quarter. Sapient Capital LLC now owns 332,524 shares of the financial services provider’s stock valued at $31,337,000 after buying an additional 1,140 shares during the last quarter. Chase Investment Counsel Corp acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $5,225,000. North Dakota State Investment Board acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $10,310,000. Finally, Park Square Financial Group LLC raised its position in shares of Wells Fargo & Company by 52.5% in the fourth quarter. Park Square Financial Group LLC now owns 459 shares of the financial services provider’s stock valued at $43,000 after buying an additional 158 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Wells Fargo & Company news, EVP Kleber Santos sold 25,000 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $87.72, for a total value of $2,193,000.00. Following the completion of the transaction, the executive vice president owned 79,876 shares in the company, valued at $7,006,722.72. The trade was a 23.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Bridget E. Engle sold 30,000 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $87.10, for a total value of $2,613,000.00. Following the sale, the executive vice president directly owned 83,478 shares in the company, valued at $7,270,933.80. This represents a 26.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 115,000 shares of company stock valued at $10,050,000 in the last ninety days. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

WFC has been the subject of a number of recent research reports. Morgan Stanley reduced their target price on shares of Wells Fargo & Company from $108.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 31st. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday. UBS Group reiterated a “buy” rating and issued a $113.00 target price on shares of Wells Fargo & Company in a research report on Wednesday, February 4th. HSBC upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a research report on Wednesday, April 1st. Finally, Jefferies Financial Group assumed coverage on shares of Wells Fargo & Company in a report on Thursday, March 26th. They issued a “buy” rating and a $100.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.53.

Wells Fargo & Company Trading Up 0.0%

Shares of WFC stock opened at $73.46 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $224.79 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 0.86 and a beta of 0.96. The company has a 50-day moving average of $79.30 and a two-hundred day moving average of $85.63. Wells Fargo & Company has a 1-year low of $71.89 and a 1-year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.02. The company had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. Wells Fargo & Company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.39 earnings per share. On average, analysts predict that Wells Fargo & Company will post 6.82 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a $0.45 dividend. The ex-dividend date is Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.5%. Wells Fargo & Company’s payout ratio is 27.78%.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Negative Sentiment: JPMorgan reiterated a Hold rating on Wells Fargo and cut its price target to $86.50 from $91, reinforcing a more cautious near-term outlook for the stock. Wells Fargo (WFC) Stock Expected To Stay Under Pressure In The Short Term
• Neutral Sentiment: Wells Fargo announced cash dividends on six series of preferred stock, a routine capital return update that should not materially change the near-term outlook for common shares. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Neutral Sentiment: Commentary around Wells Fargo’s post-earnings performance noted that the stock remains below its recent levels after the company’s latest results, with investors still assessing whether revenue growth can offset higher compensation and technology costs. Wells Fargo Revenues Are Rising, But Can It Bend the Cost Curve?
• Neutral Sentiment: Wells Fargo’s economists changed their view on the timing of the next Fed rate cut, highlighting uncertainty around inflation and interest-rate expectations that could influence bank earnings and net interest income. Wells Fargo sees writing on the wall about the next Fed rate cut
• Negative Sentiment: Broader financial stocks weakened in the latest session, which may be adding pressure to Wells Fargo as part of a sector-wide move lower. Sector Update: Financial Stocks Fall Wednesday

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.