Wells Fargo & Company (NYSE:WFC) Shares Sold by Toronto Dominion Bank

Toronto Dominion Bank decreased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 2.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,218,910 shares of the financial services provider's stock after selling 29,125 shares during the period. Toronto Dominion Bank's holdings in Wells Fargo & Company were worth $85,615,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Wells Fargo & Company by 34.6% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 15,183 shares of the financial services provider's stock valued at $1,066,000 after purchasing an additional 3,905 shares during the period. Carnegie Investment Counsel boosted its stake in Wells Fargo & Company by 30.1% in the 4th quarter. Carnegie Investment Counsel now owns 25,959 shares of the financial services provider's stock worth $1,823,000 after purchasing an additional 6,008 shares in the last quarter. JGP Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $248,000. Decker Retirement Planning Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $32,000. Finally, Goldstone Financial Group LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $226,000. Institutional investors own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on WFC shares. TD Cowen initiated coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target on the stock. Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a research note on Thursday, March 13th. Barclays lowered their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Truist Financial decreased their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Bank of America reduced their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Seven investment 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 data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $75.73.

Wells Fargo & Company Stock Down 0.8%

Shares of Wells Fargo & Company stock traded down $0.64 during trading hours on Tuesday, reaching $75.42. 10,653,194 shares of the company were exchanged, compared to its average volume of 17,481,258. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The stock's fifty day moving average is $69.88 and its 200 day moving average is $72.69. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a market cap of $245.43 billion, a PE ratio of 14.02, a PEG ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. The firm 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%. Wells Fargo & Company's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.20 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company announced that its Board of Directors has approved a share buyback plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually an indication 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.