AustralianSuper Pty Ltd Cuts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

AustralianSuper Pty Ltd lowered its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 98.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,163 shares of the financial services provider's stock after selling 1,307,375 shares during the quarter. AustralianSuper Pty Ltd's holdings in Wells Fargo & Company were worth $1,232,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Brighton Jones LLC boosted its stake in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Proficio Capital Partners LLC raised its position in shares of Wells Fargo & Company by 53.5% during the 4th quarter. Proficio Capital Partners LLC now owns 9,855 shares of the financial services provider's stock valued at $692,000 after purchasing an additional 3,436 shares during the period. Madison Investment Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $2,921,000. Atlas Wealth LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $739,000. Finally, Washington Trust Bank raised its position in shares of Wells Fargo & Company by 16.7% during the 4th quarter. Washington Trust Bank now owns 18,359 shares of the financial services provider's stock valued at $1,290,000 after purchasing an additional 2,622 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Barclays reduced their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Phillip Securities downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday. Truist Financial lifted their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. 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 on the stock. Finally, Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.39.

Wells Fargo & Company Trading Up 1.2%

NYSE:WFC opened at $80.64 on Friday. Wells Fargo & Company has a one year low of $50.15 and a one year high of $83.95. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $262.42 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.34 and a beta of 1.16. The firm has a 50-day simple moving average of $77.14 and a 200-day simple moving average of $74.21.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company's revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 EPS. Equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

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

Wells Fargo & Company announced that its board has authorized 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 buy up to 17.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

About Wells Fargo & Company

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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