Vanguard Group Inc. Trims Holdings in Wells Fargo & Company $WFC

Key Points

• Vanguard Group Inc. trimmed its stake in Wells Fargo by 0.7% in Q4, selling 2,108,595 shares and ending the quarter with 296,419,877 shares (about 9.44% of the company) valued at roughly $27.63 billion.
• Wells Fargo reported $1.60 EPS (vs. $1.58 consensus) but missed revenue estimates at $21.45 billion; the bank also pays a quarterly dividend of $0.45 ($1.80 annualized, ~2.3% yield).
• Insiders sold 115,000 shares (~$10.05 million) in the past 90 days, while analysts hold a consensus "Moderate Buy" rating with a $97.75 price target as the stock trades near $79.45 (P/E 12.26).

Vanguard Group Inc. lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 296,419,877 shares of the financial services provider's stock after selling 2,108,595 shares during the quarter. Vanguard Group Inc. owned about 9.44% of Wells Fargo & Company worth $27,626,333,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Redmont Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $27,000. Marquette Asset Management LLC raised its stake in shares of Wells Fargo & Company by 472.4% during the 3rd quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider's stock worth $28,000 after buying an additional 274 shares in the last quarter. Grey Fox Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $30,000. Imprint Wealth LLC purchased a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $31,000. Finally, Main Street Group LTD increased its holdings in Wells Fargo & Company by 36.9% in the third quarter. Main Street Group LTD now owns 438 shares of the financial services provider's stock valued at $37,000 after buying an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 1.3%

NYSE WFC opened at $79.45 on Friday. The stock has a market cap of $245.16 billion, a PE ratio of 12.26, a P/E/G ratio of 0.94 and a beta of 1.06. Wells Fargo & Company has a fifty-two week low of $68.67 and a fifty-two week high of $97.76. The business has a 50 day moving average price of $81.34 and a two-hundred day moving average price of $86.13. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.02. The firm had revenue of $21.45 billion during the quarter, compared to analysts' expectations of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.Wells Fargo & Company's quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.39 EPS. As a group, sell-side analysts predict that Wells Fargo & Company will post 6.83 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, March 1st. Investors of record on Friday, February 6th were issued a $0.45 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. Wells Fargo & Company's dividend payout ratio is currently 27.78%.

Analysts Set New Price Targets

WFC has been the subject of a number of research analyst reports. Freedom Capital cut shares of Wells Fargo & Company from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 15th. Truist Financial dropped their price target on Wells Fargo & Company from $98.00 to $94.00 and set a "buy" rating for the company in a research report on Tuesday, March 17th. Wall Street Zen cut Wells Fargo & Company from a "hold" rating to a "sell" rating in a research report on Saturday. Piper Sandler reaffirmed an "overweight" rating and issued a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.75.

Insider Activity at Wells Fargo & Company

In related news, EVP Ellen R. Patterson sold 60,000 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $87.40, for a total value of $5,244,000.00. Following the completion of the transaction, the executive vice president owned 169,496 shares of the company's stock, valued at approximately $14,813,950.40. This represents a 26.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Bridget E. Engle sold 30,000 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $87.10, for a total transaction of $2,613,000.00. Following the transaction, the executive vice president directly owned 83,478 shares in the company, valued at $7,270,933.80. The trade was a 26.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 115,000 shares of company stock valued at $10,050,000. Insiders own 0.14% of the company's stock.

About Wells Fargo & Company

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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