Gibraltar Capital Management Inc. Sells 31,124 Shares of Wells Fargo & Company (NYSE:WFC)

Gibraltar Capital Management Inc. cut its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 25.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,222 shares of the financial services provider's stock after selling 31,124 shares during the period. Gibraltar Capital Management Inc.'s holdings in Wells Fargo & Company were worth $6,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Shakespeare Wealth Management LLC increased its position in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock valued at $972,000 after purchasing an additional 130 shares during the last quarter. Safeguard Investment Advisory Group LLC boosted its stake in Wells Fargo & Company by 2.4% during the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after buying an additional 137 shares during the period. Jaffetilchin Investment Partners LLC increased its position in Wells Fargo & Company by 0.6% during the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock valued at $1,580,000 after acquiring an additional 144 shares during the last quarter. TCTC Holdings LLC raised its stake in shares of Wells Fargo & Company by 2.1% in the fourth quarter. TCTC Holdings LLC now owns 7,525 shares of the financial services provider's stock valued at $529,000 after acquiring an additional 152 shares during the period. Finally, Highline Wealth Partners LLC lifted its holdings in shares of Wells Fargo & Company by 1.1% in the 1st quarter. Highline Wealth Partners LLC now owns 13,815 shares of the financial services provider's stock worth $992,000 after acquiring an additional 156 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. 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 report on Wednesday, July 2nd. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Piper Sandler reaffirmed an "overweight" rating and set a $85.00 target price (up previously from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday. Finally, Evercore ISI upped their price objective on Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Eight equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $78.33.

Wells Fargo & Company Stock Down 1.5%

NYSE WFC traded down $1.26 during trading on Monday, reaching $82.34. 18,149,860 shares of the company's stock traded hands, compared to its average volume of 17,380,207. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $83.95. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market cap of $267.95 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 1.40 and a beta of 1.16. The company's 50 day simple moving average is $75.34 and its two-hundred day simple moving average is $73.50.

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, beating the consensus estimate of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. Wells Fargo & Company's revenue was down 3.4% compared to the same quarter last year. During the same period last year, the company posted $1.20 earnings per share. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its Board of Directors has authorized a share repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors 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. Stockholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.94%. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

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.