OLD National Bancorp IN Has $26.56 Million Holdings in Wells Fargo & Company (NYSE:WFC)

OLD National Bancorp IN trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 11.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 369,908 shares of the financial services provider's stock after selling 46,981 shares during the period. Wells Fargo & Company accounts for approximately 0.7% of OLD National Bancorp IN's holdings, making the stock its 25th largest holding. OLD National Bancorp IN's holdings in Wells Fargo & Company were worth $26,556,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Wynn Capital LLC increased its holdings in Wells Fargo & Company by 28.8% during the 1st quarter. Wynn Capital LLC now owns 54,736 shares of the financial services provider's stock valued at $3,929,000 after purchasing an additional 12,245 shares in the last quarter. Griffith & Werner Inc. raised its position in shares of Wells Fargo & Company by 6.2% during the first quarter. Griffith & Werner Inc. now owns 35,958 shares of the financial services provider's stock worth $2,581,000 after acquiring an additional 2,111 shares during the last quarter. Miracle Mile Advisors LLC raised its position in shares of Wells Fargo & Company by 0.8% during the first quarter. Miracle Mile Advisors LLC now owns 35,455 shares of the financial services provider's stock worth $2,545,000 after acquiring an additional 289 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its position in shares of Wells Fargo & Company by 5.0% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 58,689 shares of the financial services provider's stock worth $4,213,000 after acquiring an additional 2,817 shares during the last quarter. Finally, Revolve Wealth Partners LLC raised its position in shares of Wells Fargo & Company by 8.2% during the first quarter. Revolve Wealth Partners LLC now owns 4,751 shares of the financial services provider's stock worth $341,000 after acquiring an additional 361 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 2.0%

NYSE:WFC opened at $76.38 on Friday. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year 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 has a market cap of $248.55 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.18 and a beta of 1.16. The stock has a 50-day moving average price of $70.42 and a two-hundred day moving average price of $72.97.

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 (EPS) for the quarter, beating 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 firm had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. During the same period in the previous year, the firm earned $1.20 earnings per share. The company's revenue was down 3.4% on a year-over-year basis. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.09%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wells Fargo & Company declared that its board has authorized a stock repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on WFC shares. Piper Sandler restated an "overweight" rating and set a $85.00 target price (up previously from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday. Truist Financial dropped their target price 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. Bank of America boosted 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. TD Cowen started coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 target price for the company. Finally, Barclays decreased their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $77.48.

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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