Callan Family Office LLC Sells 23,347 Shares of Wells Fargo & Company (NYSE:WFC)

Key Points

• Callan Family Office LLC has reduced its stake in Wells Fargo by 23.7%, selling 23,347 shares and now holding 74,992 shares valued at approximately $5.38 million.
• Wells Fargo recently announced a quarterly dividend increase to $0.45 per share, up from $0.40, reflecting a 2.3% dividend yield.
5.89 earnings per share for the current year after recently reporting $1.54 EPS, exceeding estimates.

Callan Family Office LLC trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 23.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 74,992 shares of the financial services provider's stock after selling 23,347 shares during the quarter. Callan Family Office LLC's holdings in Wells Fargo & Company were worth $5,384,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of WFC. Capital Research Global Investors increased its position in shares of Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after acquiring an additional 14,210,193 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Wells Fargo & Company by 277.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after acquiring an additional 7,894,919 shares during the last quarter. GAMMA Investing LLC increased its position in Wells Fargo & Company by 7,887.9% in the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock worth $243,589,000 after buying an additional 3,350,605 shares during the last quarter. Northern Trust Corp increased its position in Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after buying an additional 3,307,855 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Wells Fargo & Company in the fourth quarter worth $198,801,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock traded down $1.52 during midday trading on Wednesday, hitting $77.96. 14,409,843 shares of the company's stock were exchanged, compared to its average volume of 16,622,731. Wells Fargo & Company has a 52-week low of $50.22 and a 52-week high of $84.83. The stock has a 50-day moving average price of $79.11 and a two-hundred day moving average price of $74.99. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market cap of $249.74 billion, a P/E ratio of 13.35, a PEG ratio of 1.24 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results 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. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. 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 business earned $1.33 earnings per share. The firm's revenue was up .6% on a year-over-year basis. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its Board of Directors has initiated a stock buyback program 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 shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.3%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company's dividend payout ratio is presently 30.82%.

Analyst Ratings Changes

A number of analysts have issued reports on WFC shares. Phillip Securities downgraded Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Truist Financial lifted their price target 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. Finally, Morgan Stanley lifted their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $80.39.

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.