WASHINGTON TRUST Co Decreases Stock Position in Wells Fargo & Company (NYSE:WFC)

WASHINGTON TRUST Co lessened its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 48.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,732 shares of the financial services provider's stock after selling 9,990 shares during the quarter. WASHINGTON TRUST Co's holdings in Wells Fargo & Company were worth $770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. MorganRosel Wealth Management LLC purchased a new position in Wells Fargo & Company in the 1st quarter worth about $72,000. Valley National Advisers Inc. raised its position in Wells Fargo & Company by 2.8% in the 1st quarter. Valley National Advisers Inc. now owns 9,422 shares of the financial services provider's stock worth $675,000 after buying an additional 260 shares during the last quarter. Crown Wealth Group LLC increased its position in shares of Wells Fargo & Company by 36.9% during the 1st quarter. Crown Wealth Group LLC now owns 9,104 shares of the financial services provider's stock valued at $654,000 after purchasing an additional 2,456 shares during the last quarter. Guerra Advisors Inc increased its position in shares of Wells Fargo & Company by 13.6% during the 1st quarter. Guerra Advisors Inc now owns 22,311 shares of the financial services provider's stock valued at $1,602,000 after purchasing an additional 2,672 shares during the last quarter. Finally, Stonebridge Financial Group LLC increased its position in shares of Wells Fargo & Company by 24.4% during the 1st quarter. Stonebridge Financial Group LLC now owns 2,360 shares of the financial services provider's stock valued at $169,000 after purchasing an additional 463 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on WFC shares. Citigroup upped their price target on shares of Wells Fargo & Company from $78.00 to $85.00 and gave the company a "neutral" rating in a research report on Wednesday. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. TD Cowen started coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 price target for the company. Bank of America upped their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, Truist Financial cut their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $78.33.

Wells Fargo & Company Price Performance

Shares of WFC traded up $0.88 during mid-day trading on Wednesday, hitting $82.37. 15,187,015 shares of the stock were exchanged, compared to its average volume of 17,335,197. The company has a market cap of $268.05 billion, a PE ratio of 14.79, a price-to-earnings-growth ratio of 1.36 and a beta of 1.16. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $82.41. The firm has a 50-day moving average of $74.50 and a two-hundred day moving average of $73.21. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. During the same period in the prior year, the firm earned $1.20 EPS. The company's revenue for the quarter was down 3.4% on a year-over-year basis. On average, equities analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its board has authorized a stock buyback plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 1.94%. Wells Fargo & Company's payout ratio is presently 28.73%.

Wells Fargo & Company 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.