Capital Asset Advisory Services LLC Sells 8,637 Shares of Wells Fargo & Company (NYSE:WFC)

Capital Asset Advisory Services LLC lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 19.2% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 36,368 shares of the financial services provider's stock after selling 8,637 shares during the period. Capital Asset Advisory Services LLC's holdings in Wells Fargo & Company were worth $2,628,000 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. Norges Bank bought a new position in Wells Fargo & Company in the 4th quarter valued at $3,365,658,000. Capital Research Global Investors lifted its stake 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 period. GAMMA Investing LLC boosted its holdings 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 valued at $243,589,000 after acquiring 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 purchasing an additional 3,307,855 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $198,801,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on WFC shares. Citigroup dropped their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Bank of America raised their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday. Piper Sandler restated an "overweight" rating and set a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target for the company in a report on Thursday, March 13th. Finally, Evercore ISI lifted their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus target price of $77.48.

Wells Fargo & Company Stock Performance

NYSE:WFC traded down $0.50 during mid-day trading on Thursday, hitting $74.88. The stock had a trading volume of 19,001,642 shares, compared to its average volume of 17,495,087. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market cap of $243.67 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.18 and a beta of 1.16. The company's 50 day simple moving average is $70.26 and its 200 day simple moving average is $72.94.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business's revenue was down 3.4% on a year-over-year basis. During the same period last year, the firm posted $1.20 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.14%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wells Fargo & Company declared that its Board of Directors has authorized a share buyback program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

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.