Mutual of America Capital Management LLC Trims Stake in Wells Fargo & Company (NYSE:WFC)

Mutual of America Capital Management LLC reduced its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 382,484 shares of the financial services provider's stock after selling 16,390 shares during the quarter. Mutual of America Capital Management LLC's holdings in Wells Fargo & Company were worth $27,459,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of WFC. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $28,000. BNP Paribas purchased a new stake in Wells Fargo & Company in the 4th quarter worth $28,000. Parvin Asset Management LLC bought a new stake in Wells Fargo & Company during the fourth quarter valued at about $32,000. Dunhill Financial LLC lifted its position in shares of Wells Fargo & Company by 63.7% in the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 193 shares in the last quarter. Finally, Orion Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at about $35,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $82.55 on Friday. The company's 50-day moving average price is $76.41 and its 200-day moving average price is $73.87. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $83.95. 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 has a market cap of $268.63 billion, a PE ratio of 14.82, a price-to-earnings-growth ratio of 1.39 and a beta of 1.16.

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

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

Wells Fargo & Company Announces Dividend

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 $0.40 dividend. 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 1.94%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Bank of America increased their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday. Morgan Stanley raised their target price 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. Finally, Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday. Seven 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 data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $80.13.

Wells Fargo & Company 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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