Wells Fargo & Company (NYSE:WFC) Shares Sold by Castle Rock Wealth Management LLC

Castle Rock Wealth Management LLC trimmed its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 28.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,833 shares of the financial services provider's stock after selling 5,793 shares during the period. Castle Rock Wealth Management LLC's holdings in Wells Fargo & Company were worth $1,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Wells Fargo & Company during the 4th quarter worth $198,801,000. Brucke Financial Inc. purchased a new stake in Wells Fargo & Company in the fourth quarter worth about $1,013,000. REAP Financial Group LLC grew its holdings in Wells Fargo & Company by 232.5% during the 4th quarter. REAP Financial Group LLC now owns 695 shares of the financial services provider's stock worth $49,000 after acquiring an additional 486 shares in the last quarter. Bernard Wealth Management Corp. purchased a new position in Wells Fargo & Company during the 4th quarter valued at about $70,000. Finally, Carolinas Wealth Consulting LLC raised its holdings in shares of Wells Fargo & Company by 16.4% in the 4th quarter. Carolinas Wealth Consulting LLC now owns 2,085 shares of the financial services provider's stock valued at $146,000 after purchasing an additional 293 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC traded up $0.11 on Friday, hitting $74.62. 17,037,870 shares of the company were exchanged, compared to its average volume of 17,457,954. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The stock's 50 day moving average price is $70.07 and its 200 day moving average price is $72.89. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $242.83 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13.

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

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

Wells Fargo & Company Dividend Announcement

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

Analyst Ratings Changes

Several brokerages recently issued reports on WFC. Bank of America cut their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Barclays reduced their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. TD Cowen assumed coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective on the stock. Citigroup cut their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Finally, Royal Bank of Canada raised 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 research report on Thursday, March 13th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $75.73.

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.