Barrow Hanley Mewhinney & Strauss LLC Trims Stock Position in Wells Fargo & Company (NYSE:WFC)

Barrow Hanley Mewhinney & Strauss LLC reduced its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 31.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,085,980 shares of the financial services provider's stock after selling 2,364,299 shares during the period. Barrow Hanley Mewhinney & Strauss LLC owned 0.15% of Wells Fargo & Company worth $357,239,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vise Technologies Inc. boosted its holdings in Wells Fargo & Company by 16.9% in the fourth quarter. Vise Technologies Inc. now owns 63,590 shares of the financial services provider's stock worth $4,467,000 after purchasing an additional 9,199 shares during the last quarter. Headinvest LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at $204,000. City National Bank of Florida MSD bought a new stake in Wells Fargo & Company in the 4th quarter valued at $838,000. Cornerstone Advisory LLC increased its holdings in Wells Fargo & Company by 3.3% in the 4th quarter. Cornerstone Advisory LLC now owns 7,568 shares of the financial services provider's stock valued at $532,000 after acquiring an additional 241 shares during the last quarter. Finally, DCM Advisors LLC increased its holdings in Wells Fargo & Company by 5.1% in the 4th quarter. DCM Advisors LLC now owns 116,961 shares of the financial services provider's stock valued at $8,198,000 after acquiring an additional 5,677 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 1.5%

Shares of WFC traded up $1.10 during trading on Tuesday, reaching $73.93. 10,987,215 shares of the company traded hands, compared to its average volume of 17,465,109. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The stock has a market cap of $240.58 billion, a PE ratio of 13.74, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The stock has a 50-day simple moving average of $70.01 and a 200-day simple moving average of $72.86. 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 announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the business earned $1.20 earnings per share. On average, analysts anticipate 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 initiated a share repurchase program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.16%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of research reports. Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. TD Cowen started coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective for the company. JPMorgan Chase & Co. lowered their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Truist Financial lowered their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Bank of America lowered their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $75.73.

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.