KBC Group NV Sells 270,183 Shares of Wells Fargo & Company (NYSE:WFC)

KBC Group NV cut its stake in Wells Fargo & Company (NYSE:WFC) by 13.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,692,119 shares of the financial services provider's stock after selling 270,183 shares during the quarter. KBC Group NV owned about 0.05% of Wells Fargo & Company worth $121,478,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Cohen Investment Advisors LLC lifted its position in Wells Fargo & Company by 502.2% in the first quarter. Cohen Investment Advisors LLC now owns 267,167 shares of the financial services provider's stock worth $19,180,000 after buying an additional 222,803 shares during the last quarter. Joel Isaacson & Co. LLC lifted its position in Wells Fargo & Company by 3.0% in the first quarter. Joel Isaacson & Co. LLC now owns 46,844 shares of the financial services provider's stock worth $3,363,000 after buying an additional 1,367 shares during the last quarter. TBH Global Asset Management LLC lifted its position in Wells Fargo & Company by 3.6% in the first quarter. TBH Global Asset Management LLC now owns 6,436 shares of the financial services provider's stock worth $462,000 after buying an additional 225 shares during the last quarter. Aljian Capital Management LLC lifted its position in Wells Fargo & Company by 2.7% in the first quarter. Aljian Capital Management LLC now owns 14,359 shares of the financial services provider's stock worth $1,031,000 after buying an additional 371 shares during the last quarter. Finally, Convergence Financial LLC lifted its position in Wells Fargo & Company by 11.4% in the first quarter. Convergence Financial LLC now owns 3,368 shares of the financial services provider's stock worth $242,000 after buying an additional 344 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

NYSE WFC opened at $79.42 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The firm's 50 day moving average price is $73.88 and its 200-day moving average price is $73.07. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The company has a market cap of $258.44 billion, a PE ratio of 14.26, a P/E/G ratio of 1.33 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same period last year, the firm earned $1.20 earnings per share. The company's quarterly revenue was down 3.4% on a year-over-year basis. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its board has initiated a stock repurchase 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 buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.01%. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on WFC. Evercore ISI raised their price target on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Royal Bank Of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target for the company in a research report on Thursday, March 13th. JPMorgan Chase & Co. reduced their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Morgan Stanley increased their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Finally, Truist Financial reduced 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. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $77.98.

Wells Fargo & 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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