Alps Advisors Inc. Reduces Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Alps Advisors Inc. trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 45.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,821 shares of the financial services provider's stock after selling 5,617 shares during the quarter. Alps Advisors Inc.'s holdings in Wells Fargo & Company were worth $490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stonebrook Private Inc. grew its stake in Wells Fargo & Company by 11.4% during the 1st quarter. Stonebrook Private Inc. now owns 4,501 shares of the financial services provider's stock valued at $323,000 after purchasing an additional 462 shares during the last quarter. tru Independence LLC grew its stake in Wells Fargo & Company by 7.6% during the 1st quarter. tru Independence LLC now owns 4,259 shares of the financial services provider's stock valued at $306,000 after purchasing an additional 301 shares during the last quarter. True Vision MN LLC purchased a new stake in Wells Fargo & Company during the 1st quarter valued at about $315,000. Quotient Wealth Partners LLC grew its stake in Wells Fargo & Company by 5.9% during the 1st quarter. Quotient Wealth Partners LLC now owns 12,777 shares of the financial services provider's stock valued at $917,000 after purchasing an additional 709 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in Wells Fargo & Company by 9.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 988,082 shares of the financial services provider's stock valued at $70,934,000 after purchasing an additional 82,324 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $83.47 on Tuesday. The stock has a market capitalization of $271.62 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 1.39 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $83.95. 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 stock has a 50-day moving average of $76.61 and a 200 day moving average of $73.97.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced 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 return on equity of 12.15% and a net margin of 16.19%. The business had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. During the same quarter in the prior year, the firm earned $1.20 earnings per share. The business's revenue was down 3.4% compared to the same quarter last year. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. Wells Fargo & Company's payout ratio is currently 28.73%.

Wells Fargo & Company announced that its board has initiated a share repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Morgan Stanley boosted 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. TD Cowen started coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price target on the stock. Truist Financial upped their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. The Goldman Sachs Group restated a "buy" rating and issued a $86.00 target price on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $80.13.

Wells Fargo & Company 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.

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