Eldred Rock Partners LLC Decreases Holdings in Wells Fargo & Company (NYSE:WFC)

Eldred Rock Partners LLC trimmed its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 12.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 133,614 shares of the financial services provider's stock after selling 18,305 shares during the quarter. Wells Fargo & Company comprises about 2.9% of Eldred Rock Partners LLC's investment portfolio, making the stock its 21st biggest position. Eldred Rock Partners LLC's holdings in Wells Fargo & Company were worth $9,538,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Ironwood Wealth Management LLC. purchased a new position in Wells Fargo & Company in the fourth quarter worth $221,000. Brighton Jones LLC raised its stake 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 worth $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Heck Capital Advisors LLC acquired a new position in Wells Fargo & Company in the 4th quarter worth approximately $67,000. Custom Index Systems LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth about $246,000. Finally, Waldron Private Wealth LLC boosted its stake in shares of Wells Fargo & Company by 1.8% in the fourth quarter. Waldron Private Wealth LLC now owns 14,248 shares of the financial services provider's stock worth $1,001,000 after acquiring an additional 254 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of recent research reports. Truist Financial cut their price target on shares of 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 lowered their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. decreased their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an "overweight" rating in a research note on Monday, April 7th. Finally, Barclays cut their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Seven equities 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's stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus target price of $75.73.

Wells Fargo & Company Stock Up 1.3%

NYSE:WFC traded up $0.95 on Tuesday, hitting $75.67. 13,001,337 shares of the company's stock traded hands, compared to its average volume of 17,416,818. 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 1 year low of $50.15 and a 1 year high of $81.50. The firm has a 50-day moving average price of $70.10 and a 200-day moving average price of $72.91. The company has a market cap of $246.26 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13.

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

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.11%. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

Wells Fargo & Company announced that its board has authorized a stock repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management 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.