Chevy Chase Trust Holdings LLC Sells 22,174 Shares of Wells Fargo & Company (NYSE:WFC)

Chevy Chase Trust Holdings LLC trimmed its position in Wells Fargo & Company (NYSE:WFC) by 1.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,732,609 shares of the financial services provider's stock after selling 22,174 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Wells Fargo & Company worth $124,384,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WFC. Ironwood Wealth Management LLC. bought a new stake in Wells Fargo & Company in the 4th quarter valued at about $221,000. Brighton Jones LLC increased its position in Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after buying an additional 25,436 shares in the last quarter. Wealthspire Advisors LLC boosted its stake in Wells Fargo & Company by 11.9% during the 4th quarter. Wealthspire Advisors LLC now owns 23,611 shares of the financial services provider's stock valued at $1,658,000 after purchasing an additional 2,507 shares during the last quarter. Howard Capital Management Inc. boosted its stake in Wells Fargo & Company by 4.7% during the 4th quarter. Howard Capital Management Inc. now owns 25,885 shares of the financial services provider's stock valued at $1,818,000 after purchasing an additional 1,154 shares during the last quarter. Finally, MONECO Advisors LLC boosted its stake in Wells Fargo & Company by 1.9% during the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock valued at $493,000 after purchasing an additional 134 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on WFC shares. TD Cowen started coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price on the stock. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Truist Financial cut their target price on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Bank of America lifted their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. 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 on the stock in a report on Thursday, March 13th. Seven 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's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $77.98.

Wells Fargo & Company Trading Up 2.1%

Shares of WFC stock opened at $77.02 on Tuesday. The company's fifty day simple moving average is $72.70 and its two-hundred day simple moving average is $72.88. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The stock has a market capitalization of $250.64 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 1.26 and a beta of 1.16.

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, beating analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The business had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The business's revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.08%. Wells Fargo & Company's payout ratio is currently 28.73%.

Wells Fargo & Company declared that its board has authorized a stock repurchase program 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 shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its stock is 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.

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