Investors Research Corp Sells 8,607 Shares of Wells Fargo & Company (NYSE:WFC)

Investors Research Corp decreased its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 90.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 879 shares of the financial services provider's stock after selling 8,607 shares during the quarter. Investors Research Corp's holdings in Wells Fargo & Company were worth $63,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $26,000. Investment Counsel Co. of Nevada bought a new position in Wells Fargo & Company during the fourth quarter worth about $28,000. BNP Paribas acquired a new position in Wells Fargo & Company during the fourth quarter worth approximately $28,000. Rakuten Securities Inc. increased its position in Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after buying an additional 237 shares during the last quarter. Finally, McClarren Financial Advisors Inc. bought a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $30,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

NYSE WFC traded up $0.95 during trading on Tuesday, reaching $75.67. The company's stock had a trading volume of 13,001,337 shares, compared to its average volume of 17,399,917. The firm has a 50 day moving average price of $70.10 and a 200 day moving average price of $72.91. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The firm has a market capitalization of $246.26 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

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

Wells Fargo & Company announced that its board has initiated a stock repurchase program 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 repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.11%. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

Wall Street Analyst Weigh In

WFC has been the subject of several research analyst reports. Barclays reduced their target price on 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. Truist Financial cut their price target on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a report on Monday, April 14th. 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 objective for the company in a research report on Thursday, March 13th. Piper Sandler decreased their price objective on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Seven equities 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. According to data from MarketBeat, the stock 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.