Algert Global LLC Sells 13,549 Shares of Wells Fargo & Company (NYSE:WFC)

Algert Global LLC cut its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 19.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 56,929 shares of the financial services provider's stock after selling 13,549 shares during the quarter. Algert Global LLC's holdings in Wells Fargo & Company were worth $3,999,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. CWA Asset Management Group LLC grew its holdings in shares of Wells Fargo & Company by 19.1% during the fourth quarter. CWA Asset Management Group LLC now owns 48,510 shares of the financial services provider's stock valued at $3,407,000 after buying an additional 7,791 shares in the last quarter. Bank of New Hampshire grew its stake in Wells Fargo & Company by 24.2% during the 4th quarter. Bank of New Hampshire now owns 1,515 shares of the financial services provider's stock valued at $106,000 after acquiring an additional 295 shares in the last quarter. Diversified Trust Co increased its holdings in shares of Wells Fargo & Company by 41.6% in the 4th quarter. Diversified Trust Co now owns 34,468 shares of the financial services provider's stock valued at $2,421,000 after purchasing an additional 10,133 shares during the period. Spartan Planning & Wealth Management purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $425,000. Finally, Worth Asset Management LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $2,327,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on WFC shares. Truist Financial dropped their price objective 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. Raymond James dropped their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a research note on Monday, April 14th. Keefe, Bruyette & Woods increased their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a report on Thursday, January 16th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, Piper Sandler cut their price target on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Six investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $75.34.

Wells Fargo & Company Stock Performance

WFC stock traded down $0.87 during mid-day trading on Friday, reaching $72.44. 11,136,882 shares of the stock traded hands, compared to its average volume of 17,532,282. The firm has a market capitalization of $235.73 billion, a PE ratio of 13.46, a P/E/G ratio of 1.18 and a beta of 1.13. The business has a 50-day moving average of $69.06 and a two-hundred day moving average of $72.12. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter last year, the firm posted $1.20 EPS. The company's revenue was down 3.4% on a year-over-year basis. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, May 9th. Wells Fargo & Company's payout ratio is currently 28.73%.

Wells Fargo & Company declared that its board has initiated a stock repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

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.