Legacy Capital Wealth Partners LLC Reduces Stake in Wells Fargo & Company (NYSE:WFC)

Legacy Capital Wealth Partners LLC lessened its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 32.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,518 shares of the financial services provider's stock after selling 4,077 shares during the period. Legacy Capital Wealth Partners LLC's holdings in Wells Fargo & Company were worth $612,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Secured Retirement Advisors LLC bought a new position in Wells Fargo & Company during the first quarter worth $408,000. RKL Wealth Management LLC raised its stake in Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after buying an additional 5,113 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Wells Fargo & Company by 12.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock worth $45,783,000 after buying an additional 70,104 shares during the last quarter. Silver Oak Securities Incorporated bought a new stake in Wells Fargo & Company in the first quarter valued at $215,000. Finally, Principal Financial Group Inc. increased its stake in Wells Fargo & Company by 30.5% in the first quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider's stock valued at $353,668,000 after purchasing an additional 1,152,181 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 1.2%

Wells Fargo & Company stock traded up $0.93 during midday trading on Friday, hitting $80.64. 21,202,185 shares of the stock were exchanged, compared to its average volume of 17,439,604. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $83.95. The stock has a market capitalization of $262.42 billion, a price-to-earnings ratio of 13.81, a price-to-earnings-growth ratio of 1.35 and a beta of 1.16. The business's 50-day moving average price is $76.98 and its 200-day moving average price is $74.11. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $1.33 earnings per share. On average, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is 27.40%.

Wells Fargo & Company declared that its board has authorized a share 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 repurchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on WFC shares. The Goldman Sachs Group decreased their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Truist Financial lifted their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Raymond James Financial downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Eight equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.39.

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.