M&T Bank Corp Sells 4,391 Shares of Wells Fargo & Company (NYSE:WFC)

M&T Bank Corp cut its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 354,346 shares of the financial services provider's stock after selling 4,391 shares during the quarter. M&T Bank Corp's holdings in Wells Fargo & Company were worth $25,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of WFC. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $28,000. BNP Paribas purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $28,000. Rakuten Securities Inc. raised its stake 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 worth $30,000 after acquiring an additional 237 shares in the last quarter. Parvin Asset Management LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $32,000. Finally, Dunhill Financial LLC raised its stake in shares of Wells Fargo & Company by 63.7% during the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after acquiring an additional 193 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on WFC shares. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday. Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday. 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. Finally, Bank of America lifted their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Eight research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $78.98.

Wells Fargo & Company Stock Up 0.2%

Shares of WFC stock traded up $0.19 during mid-day trading on Wednesday, reaching $81.78. 16,107,019 shares of the company's stock traded hands, compared to its average volume of 17,398,464. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $83.95. The company has a market cap of $266.13 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.38 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The company's 50-day moving average price is $75.81 and its 200-day moving average price is $73.64.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 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 analysts' expectations of $20.82 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The company's quarterly revenue was down 3.4% on a year-over-year basis. On average, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company announced that its Board of Directors has approved a share buyback plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

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.