Chase Investment Counsel Corp Purchases Shares of 56,063 Wells Fargo & Company $WFC

Key Points

• Chase Investment Counsel Corp bought 56,063 shares of Wells Fargo in the fourth quarter, a stake valued at about $5.23 million and representing 1.5% of its portfolio.
• Analysts remain generally constructive, with the stock holding a Moderate Buy consensus, though some firms recently trimmed price targets and JPMorgan reiterated a Hold rating with a lower target of $86.50.
• Wells Fargo’s latest results showed EPS of $1.60, beating estimates, while the company also announced a $0.45 quarterly dividend; however, insider selling and recent negative commentary have kept sentiment mixed.

Chase Investment Counsel Corp purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 56,063 shares of the financial services provider's stock, valued at approximately $5,225,000. Wells Fargo & Company comprises 1.5% of Chase Investment Counsel Corp's portfolio, making the stock its 26th largest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. Navalign LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Joseph Group Capital Management bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $28,000. Redmont Wealth Advisors LLC bought a new position in Wells Fargo & Company during the third quarter valued at approximately $27,000. Grey Fox Wealth Advisors LLC bought a new position in Wells Fargo & Company during the third quarter valued at approximately $30,000. Finally, Imprint Wealth LLC bought a new position in Wells Fargo & Company during the third quarter valued at approximately $31,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the stock. UBS Group reiterated a "buy" rating and set a $113.00 price target on shares of Wells Fargo & Company in a research report on Wednesday, February 4th. Truist Financial reduced their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "buy" rating on the stock in a research report on Tuesday, March 17th. Piper Sandler restated an "overweight" rating and issued a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. KGI Securities cut shares of Wells Fargo & Company to a "hold" rating in a report on Thursday, April 16th. Finally, Evercore restated an "outperform" rating on shares of Wells Fargo & Company in a report on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.53.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Negative Sentiment: JPMorgan reiterated a Hold rating on Wells Fargo and cut its price target to $86.50 from $91, reinforcing a more cautious near-term outlook for the stock. Wells Fargo (WFC) Stock Expected To Stay Under Pressure In The Short Term
• Neutral Sentiment: Wells Fargo announced cash dividends on six series of preferred stock, a routine capital return update that should not materially change the near-term outlook for common shares. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Neutral Sentiment: Commentary around Wells Fargo’s post-earnings performance noted that the stock remains below its recent levels after the company’s latest results, with investors still assessing whether revenue growth can offset higher compensation and technology costs. Wells Fargo Revenues Are Rising, But Can It Bend the Cost Curve?
• Neutral Sentiment: Wells Fargo’s economists changed their view on the timing of the next Fed rate cut, highlighting uncertainty around inflation and interest-rate expectations that could influence bank earnings and net interest income. Wells Fargo sees writing on the wall about the next Fed rate cut
• Negative Sentiment: Broader financial stocks weakened in the latest session, which may be adding pressure to Wells Fargo as part of a sector-wide move lower. Sector Update: Financial Stocks Fall Wednesday

Insider Activity at Wells Fargo & Company

In related news, EVP Bridget E. Engle sold 30,000 shares of Wells Fargo & Company stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $87.10, for a total value of $2,613,000.00. Following the sale, the executive vice president owned 83,478 shares in the company, valued at $7,270,933.80. The trade was a 26.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kleber Santos sold 25,000 shares of Wells Fargo & Company stock in a transaction on Friday, February 20th. The shares were sold at an average price of $87.72, for a total transaction of $2,193,000.00. Following the completion of the sale, the executive vice president owned 79,876 shares in the company, valued at approximately $7,006,722.72. This trade represents a 23.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 115,000 shares of company stock worth $10,050,000 over the last quarter. Corporate insiders own 0.14% of the company's stock.

Wells Fargo & Company Stock Up 0.0%

Shares of Wells Fargo & Company stock opened at $73.46 on Monday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a 52-week low of $71.89 and a 52-week high of $97.76. The stock has a market capitalization of $224.79 billion, a price-to-earnings ratio of 11.34, a P/E/G ratio of 0.86 and a beta of 0.96. The company's 50 day moving average price is $79.30 and its 200-day moving average price is $85.63.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The firm had revenue of $11.62 billion for the quarter, compared to analysts' expectations of $21.85 billion. During the same quarter last year, the business earned $1.39 earnings per share. The business's revenue was up 6.4% on a year-over-year basis. Equities research analysts forecast that Wells Fargo & Company will post 6.82 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be issued a $0.45 dividend. The ex-dividend date is Friday, May 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.5%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 27.78%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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