Wells Fargo & Company (NYSE:WFC) Shares Sold by GTS Securities LLC

GTS Securities LLC trimmed its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 86.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,225 shares of the financial services provider's stock after selling 172,817 shares during the period. GTS Securities LLC's holdings in Wells Fargo & Company were worth $1,912,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in Wells Fargo & Company in the fourth quarter worth about $3,365,658,000. Capital Research Global Investors increased its stake in shares of Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after purchasing an additional 14,210,193 shares in the last quarter. Northern Trust Corp increased its stake in shares of Wells Fargo & Company by 10.7% during the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after purchasing an additional 3,307,855 shares in the last quarter. Theleme Partners LLP bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $187,049,000. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $117,280,000. 75.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on WFC shares. Citigroup decreased their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Barclays decreased their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Piper Sandler decreased their target price on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Bank of America reduced their price target 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, Raymond James reduced 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 research report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus price target of $75.73.

Wells Fargo & Company Stock Performance

WFC stock traded up $1.10 during trading on Tuesday, hitting $73.93. 11,006,878 shares of the company traded hands, compared to its average volume of 17,465,143. The company has a market cap of $240.58 billion, a PE ratio of 13.74, a P/E/G ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The stock's 50-day simple moving average is $70.01 and its 200 day simple moving average is $72.86. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly 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 net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same period in the prior year, the firm posted $1.20 earnings per share. The firm's quarterly revenue was down 3.4% compared to the same quarter last year. On average, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company's payout ratio is presently 28.73%.

Wells Fargo & Company announced that its Board of Directors has initiated a stock buyback plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire 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.

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.