Pacer Advisors Inc. Decreases Position in Wells Fargo & Company (NYSE:WFC)

Key Points

• Pacer Advisors Inc. reduced its stake in Wells Fargo by 40.4%, selling 175,881 shares during the first quarter, leaving it with 259,425 shares valued at approximately $18.62 million.
• Wells Fargo recently announced a $40 billion share buyback program, representing a buyback of up to 17.2% of its outstanding shares, indicating the board's confidence in the stock's valuation.
• Analysts have varied opinions on Wells Fargo's stock; Morgan Stanley raised its price target to $87 while JPMorgan lowered theirs to $73.50, contributing to an overall average rating of "Moderate Buy".

Pacer Advisors Inc. reduced its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 40.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 259,425 shares of the financial services provider's stock after selling 175,881 shares during the period. Pacer Advisors Inc.'s holdings in Wells Fargo & Company were worth $18,624,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Shakespeare Wealth Management LLC increased its position in shares of Wells Fargo & Company by 0.9% during the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock worth $972,000 after purchasing an additional 130 shares in the last quarter. Safeguard Investment Advisory Group LLC increased its position in shares of Wells Fargo & Company by 2.4% during the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after purchasing an additional 137 shares in the last quarter. Summit Wealth & Retirement Planning Inc. increased its position in shares of Wells Fargo & Company by 4.3% during the first quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock worth $241,000 after purchasing an additional 139 shares in the last quarter. Nwam LLC increased its position in shares of Wells Fargo & Company by 1.6% during the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock worth $632,000 after purchasing an additional 142 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC increased its position in shares of Wells Fargo & Company by 0.6% during the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock worth $1,580,000 after purchasing an additional 144 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

WFC stock traded down $1.29 during mid-day trading on Monday, reaching $83.03. The company's stock had a trading volume of 10,625,988 shares, compared to its average volume of 17,680,338. The company's 50 day moving average is $77.86 and its two-hundred day moving average is $74.63. The stock has a market cap of $270.19 billion, a PE ratio of 14.22, a P/E/G ratio of 1.31 and a beta of 1.16. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business's revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.33 EPS. Equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its Board of Directors has approved a stock buyback plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a dividend of $0.40 per share. 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 1.93%. Wells Fargo & Company's payout ratio is currently 27.40%.

Analysts Set New Price Targets

WFC has been the topic of several research reports. Wall Street Zen downgraded Wells Fargo & Company from a "hold" rating to a "sell" rating in a research report on Saturday. Morgan Stanley upped their target price 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. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Barclays cut their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus price target of $80.39.

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.