Legacy Financial Group LLC Sells 4,489 Shares of Wells Fargo & Company (NYSE:WFC)

Legacy Financial Group LLC reduced its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 33.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,048 shares of the financial services provider's stock after selling 4,489 shares during the period. Legacy Financial Group LLC's holdings in Wells Fargo & Company were worth $650,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Empowered Funds LLC increased its holdings in shares of Wells Fargo & Company by 19.1% during the 4th quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider's stock worth $13,369,000 after purchasing an additional 30,510 shares during the period. Valmark Advisers Inc. lifted its position in shares of Wells Fargo & Company by 5.5% during the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock worth $583,000 after purchasing an additional 431 shares in the last quarter. NatWest Group plc lifted its position in Wells Fargo & Company by 57.7% during the 4th quarter. NatWest Group plc now owns 172,484 shares of the financial services provider's stock valued at $12,115,000 after purchasing an additional 63,102 shares during the period. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $1,656,000. Finally, Modera Wealth Management LLC raised its position in shares of Wells Fargo & Company by 14.1% in the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock valued at $1,444,000 after acquiring an additional 2,548 shares during the period. Institutional investors own 75.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on WFC. Citigroup reduced 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. JPMorgan Chase & Co. decreased their price objective on shares of 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. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price for the company in a research note on Thursday, March 13th. Raymond James reduced their target price on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a report on Monday, April 14th. Finally, Evercore ISI raised their price objective on Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a research note on Wednesday. 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. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average target price of $77.48.

Wells Fargo & Company Trading Down 0.3%

Shares of NYSE:WFC traded down $0.22 during midday trading on Wednesday, hitting $75.43. 29,556,571 shares of the stock traded hands, compared to its average volume of 17,465,253. The stock has a market capitalization of $245.46 billion, a PE ratio of 14.02, a P/E/G ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The business's 50 day moving average is $70.17 and its two-hundred day moving average is $72.93. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

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

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is 28.73%.

Wells Fargo & Company announced that its board has approved a share repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

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.