Atlantic Union Bankshares Corp Sells 17,842 Shares of Wells Fargo & Company (NYSE:WFC)

Atlantic Union Bankshares Corp lessened its position in shares of Wells Fargo & Company (NYSE:WFC) by 9.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 178,742 shares of the financial services provider's stock after selling 17,842 shares during the period. Atlantic Union Bankshares Corp's holdings in Wells Fargo & Company were worth $12,832,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. OneAscent Financial Services LLC grew its stake in Wells Fargo & Company by 89.0% during the first quarter. OneAscent Financial Services LLC now owns 49,874 shares of the financial services provider's stock worth $3,568,000 after buying an additional 23,485 shares in the last quarter. Elyxium Wealth LLC acquired a new position in shares of Wells Fargo & Company during the first quarter worth $514,000. Cassaday & Co Wealth Management LLC boosted its holdings in Wells Fargo & Company by 7.2% in the first quarter. Cassaday & Co Wealth Management LLC now owns 7,132 shares of the financial services provider's stock valued at $512,000 after acquiring an additional 479 shares during the last quarter. Kestra Private Wealth Services LLC boosted its position in Wells Fargo & Company by 18.5% during the first quarter. Kestra Private Wealth Services LLC now owns 116,946 shares of the financial services provider's stock valued at $8,396,000 after acquiring an additional 18,247 shares during the last quarter. Finally, Fountainhead AM LLC grew its stake in Wells Fargo & Company by 21.4% during the first quarter. Fountainhead AM LLC now owns 4,159 shares of the financial services provider's stock worth $299,000 after purchasing an additional 733 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $80.64 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $83.95. The company has a market cap of $262.42 billion, a PE ratio of 13.81, a P/E/G ratio of 1.34 and a beta of 1.16. The business has a 50 day moving average of $77.14 and a 200 day moving average of $74.21.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. During the same period in the previous year, the company earned $1.33 earnings per share. The business's revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its Board of Directors 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 reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.98%. Wells Fargo & Company's payout ratio is currently 27.40%.

Analysts Set New Price Targets

A number of analysts have commented on WFC shares. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Truist Financial raised their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Bank of America lifted their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday. Finally, Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $80.39.

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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