Securian Asset Management Inc. Sells 4,728 Shares of Wells Fargo & Company (NYSE:WFC)

Securian Asset Management Inc. reduced its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 2.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 174,218 shares of the financial services provider's stock after selling 4,728 shares during the quarter. Securian Asset Management Inc.'s holdings in Wells Fargo & Company were worth $12,507,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $28,000. BNP Paribas purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $28,000. Parvin Asset Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $32,000. Dunhill Financial LLC boosted its holdings in shares of Wells Fargo & Company by 63.7% in the 4th quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after purchasing 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 4th quarter worth about $35,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on WFC. TD Cowen began coverage on Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective for the company. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Truist Financial increased their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Bank of America increased their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $80.13.

Wells Fargo & Company Trading Down 5.5%

WFC traded down $4.57 during midday trading on Tuesday, reaching $78.87. 21,909,849 shares of the company's stock traded hands, compared to its average volume of 17,306,236. The firm has a fifty day moving average of $76.61 and a two-hundred day moving average of $73.97. The stock has a market capitalization of $256.64 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 1.39 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $83.94.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.19. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the company earned $1.33 EPS. The business's revenue was up .6% compared to the same quarter last year. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

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

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.03%. The ex-dividend date 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.