Mackenzie Financial Corp Sells 146,839 Shares of Wells Fargo & Company (NYSE:WFC)

Mackenzie Financial Corp lessened its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 10.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,309,168 shares of the financial services provider's stock after selling 146,839 shares during the quarter. Mackenzie Financial Corp's holdings in Wells Fargo & Company were worth $91,956,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Empowered Funds LLC raised its position in 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 purchasing an additional 30,510 shares in the last quarter. Valmark Advisers Inc. increased its holdings in shares of Wells Fargo & Company by 5.5% during the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock worth $583,000 after buying an additional 431 shares in the last quarter. NatWest Group plc increased its holdings 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 buying an additional 63,102 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $1,656,000. Finally, Modera Wealth Management LLC increased its holdings in shares of Wells Fargo & Company by 14.1% during the fourth quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock worth $1,444,000 after buying an additional 2,548 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on WFC. JPMorgan Chase & Co. dropped their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Citigroup dropped their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an "overweight" rating in a report on Monday, April 7th. Barclays dropped their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Finally, Truist Financial lowered their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $75.73.

Wells Fargo & Company Trading Down 0.4%

WFC stock traded down $0.26 during midday trading on Wednesday, reaching $73.73. The company's stock had a trading volume of 8,698,413 shares, compared to its average volume of 17,454,881. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The stock has a market cap of $239.93 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The business's 50-day simple moving average is $70.04 and its 200-day simple moving average is $72.87.

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

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be paid a $0.40 dividend. The ex-dividend date is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.17%. Wells Fargo & Company's payout ratio is presently 28.73%.

Wells Fargo & Company declared that its Board of Directors has authorized a share repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

About Wells Fargo & Company

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.