Matrix Asset Advisors Inc. NY Cuts Stock Position in Wells Fargo & Company (NYSE:WFC)

Matrix Asset Advisors Inc. NY lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 2.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 221,785 shares of the financial services provider's stock after selling 4,971 shares during the period. Wells Fargo & Company accounts for approximately 1.8% of Matrix Asset Advisors Inc. NY's holdings, making the stock its 25th biggest position. Matrix Asset Advisors Inc. NY's holdings in Wells Fargo & Company were worth $15,922,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of WFC. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 4th quarter worth $26,000. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $28,000. BNP Paribas purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $28,000. Rakuten Securities Inc. grew its position in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 237 shares in the last quarter. Finally, Parvin Asset Management LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $32,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $75.33 on Friday. The company has a 50 day moving average price of $72.42 and a 200-day moving average price of $72.86. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The company has a market capitalization of $245.14 billion, a PE ratio of 13.52, a P/E/G ratio of 1.26 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter in the previous year, the firm posted $1.20 earnings per share. The company's revenue was down 3.4% on a year-over-year basis. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

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

Wells Fargo & Company Dividend Announcement

The business also recently declared 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. This represents a $1.60 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on WFC. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, April 14th. Barclays cut their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. 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 report on Wednesday, June 4th. Morgan Stanley raised their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Finally, Truist Financial cut their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Seven research 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $77.98.

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.

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