Wells Fargo & Company (NYSE:WFC) Holdings Cut by Richard Bernstein Advisors LLC

Richard Bernstein Advisors LLC trimmed its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,241 shares of the financial services provider's stock after selling 3,014 shares during the quarter. Richard Bernstein Advisors LLC's holdings in Wells Fargo & Company were worth $4,971,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Shakespeare Wealth Management LLC grew its holdings in 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 buying an additional 130 shares during the last quarter. Safeguard Investment Advisory Group LLC boosted its holdings in shares of 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 purchasing an additional 137 shares during the last quarter. Jaffetilchin Investment Partners LLC raised its position in shares of Wells Fargo & Company by 0.6% in the 4th quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock worth $1,580,000 after buying an additional 144 shares during the period. TCTC Holdings LLC raised its position in shares of Wells Fargo & Company by 2.1% in the 4th quarter. TCTC Holdings LLC now owns 7,525 shares of the financial services provider's stock worth $529,000 after buying an additional 152 shares during the period. Finally, Highline Wealth Partners LLC raised its position in Wells Fargo & Company by 1.1% in the first quarter. Highline Wealth Partners LLC now owns 13,815 shares of the financial services provider's stock valued at $992,000 after purchasing an additional 156 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 1.5%

NYSE:WFC traded down $1.26 during mid-day trading on Monday, reaching $82.34. The stock had a trading volume of 18,149,860 shares, compared to its average volume of 17,380,207. The company has a market capitalization 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. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $83.95. The stock's 50 day simple moving average is $75.34 and its two-hundred day simple moving average is $73.50. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84.

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

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

Wells Fargo & Company Announces Dividend

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

Analyst Ratings Changes

Several research analysts have commented on the company. Piper Sandler reissued an "overweight" rating and issued a $85.00 price objective (up from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Citigroup raised their price objective on Wells Fargo & Company from $78.00 to $85.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Truist Financial cut their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Barclays cut their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Finally, TD Cowen assumed coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $78.33.

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.