Toronto Dominion Bank Sells 29,125 Shares of Wells Fargo & Company (NYSE:WFC)

Toronto Dominion Bank trimmed its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 2.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,218,910 shares of the financial services provider's stock after selling 29,125 shares during the quarter. Toronto Dominion Bank's holdings in Wells Fargo & Company were worth $85,615,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Empowered Funds LLC grew its stake in shares of Wells Fargo & Company by 19.1% in the fourth quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider's stock worth $13,369,000 after acquiring an additional 30,510 shares in the last quarter. Valmark Advisers Inc. lifted its position in Wells Fargo & Company by 5.5% in the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock valued at $583,000 after acquiring an additional 431 shares during the last quarter. NatWest Group plc increased its position in shares of Wells Fargo & Company by 57.7% during the fourth quarter. NatWest Group plc now owns 172,484 shares of the financial services provider's stock worth $12,115,000 after purchasing an additional 63,102 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $1,656,000. Finally, Modera Wealth Management LLC boosted its position in shares of Wells Fargo & Company by 14.1% in the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock valued at $1,444,000 after purchasing an additional 2,548 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded down $0.62 during trading on Friday, hitting $72.77. 3,024,927 shares of the stock were exchanged, compared to its average volume of 17,418,984. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The stock's fifty day moving average is $69.97 and its 200 day moving average is $72.76. The stock has a market cap of $236.80 billion, a PE ratio of 13.50, a P/E/G ratio of 1.18 and a beta of 1.13.

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

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors 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 2.20%. Wells Fargo & Company's payout ratio is presently 28.73%.

Wells Fargo & Company announced that its board has authorized a stock buyback plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes 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 board believes its shares are undervalued.

Analyst Ratings Changes

WFC has been the subject of a number of recent research reports. Barclays decreased their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Royal Bank of Canada raised 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. Raymond James lowered their price target on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a report on Monday, April 14th. TD Cowen started coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective for the company. Finally, Truist Financial decreased their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $75.73.

Wells Fargo & Company Profile

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.