Wells Fargo & Company (NYSE:WFC) Shares Sold by Net Worth Advisory Group

Net Worth Advisory Group lessened its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 18.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,753 shares of the financial services provider's stock after selling 3,409 shares during the quarter. Net Worth Advisory Group's holdings in Wells Fargo & Company were worth $1,059,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Spinnaker Trust grew its stake in Wells Fargo & Company by 1.8% during the fourth quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock valued at $520,000 after acquiring an additional 130 shares in the last quarter. Shakespeare Wealth Management LLC raised its position in shares of Wells Fargo & Company by 0.9% in the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock worth $972,000 after buying an additional 130 shares in the last quarter. MONECO Advisors LLC boosted its position in shares of Wells Fargo & Company by 1.9% during the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock valued at $493,000 after acquiring an additional 134 shares during the last quarter. Safeguard Investment Advisory Group LLC lifted its position in Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after buying an additional 137 shares during the last quarter. Finally, Crown Wealth Group LLC lifted its stake in shares of Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock valued at $467,000 after acquiring an additional 140 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a research report on Thursday, March 13th. Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Finally, Morgan Stanley increased their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Seven 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.68.

Wells Fargo & Company Stock Down 2.2%

Shares of WFC stock traded down $1.64 during trading hours on Friday, reaching $72.38. 12,643,412 shares of the company's stock were exchanged, compared to its average volume of 17,460,508. The company has a market cap of $235.52 billion, a price-to-earnings ratio of 13.45, a P/E/G ratio of 1.18 and a beta of 1.16. 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 current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The stock's 50 day moving average is $71.22 and its 200-day moving average is $72.97.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 earnings per share. Analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its board has initiated a stock repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors 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. Shareholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 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.