Summit Wealth Group LLC Co. Trims Holdings in Wells Fargo & Company $WFC

Key Points

• Summit Wealth Group LLC sharply reduced its Wells Fargo stake by 83.5% in the fourth quarter, selling 25,451 shares and leaving it with 5,026 shares worth about $468,000.
• Institutional ownership remains high, with hedge funds and other institutions holding about 75.9% of Wells Fargo’s stock, even as some firms added to their positions and others trimmed exposure.
• Analyst sentiment is mixed but generally constructive: HSBC upgraded Wells Fargo to buy with a $94 target, and the stock’s average analyst rating is Moderate Buy with a $97.53 price target.

Summit Wealth Group LLC Co. lowered its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 83.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,026 shares of the financial services provider's stock after selling 25,451 shares during the quarter. Summit Wealth Group LLC Co.'s holdings in Wells Fargo & Company were worth $468,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Diversified Trust Co. raised its position in Wells Fargo & Company by 59.7% during the 4th quarter. Diversified Trust Co. now owns 35,285 shares of the financial services provider's stock worth $3,289,000 after buying an additional 13,196 shares during the last quarter. Mawer Investment Management Ltd. purchased a new position in Wells Fargo & Company during the 3rd quarter worth $147,165,000. Guerra Advisors Inc raised its position in Wells Fargo & Company by 43.2% during the 3rd quarter. Guerra Advisors Inc now owns 38,439 shares of the financial services provider's stock worth $3,222,000 after buying an additional 11,594 shares during the last quarter. AlphaQuest LLC raised its position in Wells Fargo & Company by 1,121.0% during the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the financial services provider's stock worth $2,018,000 after buying an additional 22,107 shares during the last quarter. Finally, UMB Bank n.a. raised its position in Wells Fargo & Company by 52.7% during the 3rd quarter. UMB Bank n.a. now owns 138,862 shares of the financial services provider's stock worth $11,639,000 after buying an additional 47,946 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WFC. HSBC upgraded shares of Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 price target for the company in a report on Wednesday, April 1st. JPMorgan Chase & Co. cut their price target on shares of Wells Fargo & Company from $91.00 to $86.50 and set a "neutral" rating for the company in a report on Thursday, April 30th. TD Cowen cut their price target on shares of Wells Fargo & Company from $102.00 to $100.00 and set a "hold" rating for the company in a report on Thursday, January 15th. Evercore reiterated an "outperform" rating on shares of Wells Fargo & Company in a report on Friday, March 6th. Finally, Robert W. Baird upgraded shares of Wells Fargo & Company from an "underperform" rating to a "neutral" rating and set a $85.00 price target for the company in a report on Friday, February 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $97.53.

Insider Activity at Wells Fargo & Company

In related news, EVP Kleber Santos sold 25,000 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $87.72, for a total value of $2,193,000.00. Following the sale, the executive vice president directly owned 79,876 shares of the company's stock, valued at approximately $7,006,722.72. This represents a 23.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bridget E. Engle sold 30,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $87.10, for a total transaction of $2,613,000.00. Following the completion of the sale, the executive vice president directly owned 83,478 shares in the company, valued at approximately $7,270,933.80. The trade was a 26.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 115,000 shares of company stock valued at $10,050,000. Insiders own 0.14% of the company's stock.

Wells Fargo & Company News Roundup

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Phillip Securities upgraded Wells Fargo to Buy with a $98 price target, reinforcing the view that the stock remains undervalued and may have room to rebound. Wells Fargo (WFC) Upgraded to ‘Buy’ with $98 Price Target
• Positive Sentiment: Other recent coverage also argued Wells Fargo still offers meaningful upside, with one report pointing to about 16% upside despite the recent selloff. Wells Fargo Set for 16% Upside Despite Recent Selloff
• Neutral Sentiment: Wells Fargo’s own analyst Ohsung Kwon is making headlines for a broader market call that AI is in an “euphoric” bubble, a comment that reflects the firm’s active market research but does not directly change Wells Fargo’s fundamentals. Wells Fargo: AI is a ‘euphoric’ bubble and investors should ride it until it pops
• Neutral Sentiment: Fresh articles on Wells Fargo’s increased Ether ETF exposure and shifting crypto holdings may signal portfolio repositioning, but they are not likely to move the bank’s stock on their own. Wells Fargo lifts Ether ETF holdings in Q1 as Bitcoin positions shift
• Negative Sentiment: The stock has also been weighed by the broader market’s reaction to Wells Fargo’s latest earnings and revenue mix, where EPS beat estimates but revenue came in well below expectations, keeping investors cautious about the pace of growth.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $73.52 on Thursday. The company has a 50-day simple moving average of $79.69 and a 200-day simple moving average of $85.82. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $224.98 billion, a PE ratio of 11.35, a P/E/G ratio of 0.88 and a beta of 0.96. Wells Fargo & Company has a 52-week low of $71.89 and a 52-week high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.02. The firm had revenue of $11.62 billion for the quarter, compared to analysts' expectations of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The firm's revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.39 EPS. Equities research analysts predict that Wells Fargo & Company will post 6.82 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, May 8th. Wells Fargo & Company's dividend payout ratio is presently 27.78%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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