Castle Rock Wealth Management LLC Sells 5,793 Shares of Wells Fargo & Company (NYSE:WFC)

Castle Rock Wealth Management LLC lessened its position 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 SEC. The institutional investor owned 14,833 shares of the financial services provider's stock after selling 5,793 shares during the quarter. Castle Rock Wealth Management LLC's holdings in Wells Fargo & Company were worth $1,042,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Rialto Wealth Management LLC acquired a new position in Wells Fargo & Company in the 4th quarter valued at $26,000. Investment Counsel Co. of Nevada bought a new stake in Wells Fargo & Company in the 4th quarter valued at $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company during the 4th quarter worth about $28,000. McClarren Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter worth about $30,000. Finally, Rakuten Securities Inc. lifted its holdings in shares of Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after acquiring an additional 237 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

WFC has been the subject of several analyst reports. Truist Financial cut 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 report on Monday, April 14th. Raymond James cut their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a report on Monday, April 14th. Piper Sandler lowered their price objective on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Bank of America lowered their price objective 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. Finally, JPMorgan Chase & Co. lowered their price objective 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. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.73.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock traded up $0.11 during trading hours on Friday, reaching $74.62. 17,037,870 shares of the stock were exchanged, compared to its average volume of 17,473,472. The company has a market cap 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. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The stock has a 50 day moving average of $70.07 and a two-hundred day moving average of $72.90.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $20.15 billion for the quarter, compared to the consensus estimate 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 in the prior year, the company posted $1.20 earnings per share. Equities analysts expect 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 will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be issued 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 dividend yield of 2.14%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 28.73%.

Wells Fargo & Company declared that its Board of Directors has initiated a share repurchase plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors 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.