Tidal Investments LLC Cuts Stock Position in Wells Fargo & Company (NYSE:WFC)

Tidal Investments LLC lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 17.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 114,452 shares of the financial services provider's stock after selling 24,361 shares during the period. Tidal Investments LLC's holdings in Wells Fargo & Company were worth $8,039,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Theleme Partners LLP purchased a new position in Wells Fargo & Company in the fourth quarter worth $187,049,000. Stonebrook Private Inc. boosted its position in Wells Fargo & Company by 6.5% in the fourth quarter. Stonebrook Private Inc. now owns 4,039 shares of the financial services provider's stock worth $284,000 after purchasing an additional 248 shares during the last quarter. Strategic Wealth Partners Ltd. purchased a new position in Wells Fargo & Company in the fourth quarter worth $188,000. Safeguard Investment Advisory Group LLC boosted its position in Wells Fargo & Company by 2.4% in 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 during the last quarter. Finally, Sentinus LLC boosted its position in Wells Fargo & Company by 22.5% in the fourth quarter. Sentinus LLC now owns 4,352 shares of the financial services provider's stock worth $306,000 after purchasing an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WFC. Citigroup lowered their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Bank of America lowered their target price on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. lowered their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Morgan Stanley boosted their target price on Wells Fargo & Company from $79.00 to $80.00 and gave the company an "overweight" rating in a research note on Monday, April 7th. Finally, Piper Sandler lowered their target price on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.73.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $76.05 on Tuesday. The firm has a market capitalization of $247.48 billion, a P/E ratio of 14.14, a P/E/G ratio of 1.18 and a beta of 1.13. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The stock's 50-day simple moving average is $69.74 and its two-hundred day simple moving average is $72.67. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50.

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

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.10%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

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

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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