Wells Fargo & Company (NYSE:WFC) Shares Sold by Sheaff Brock Investment Advisors LLC

Key Points

• Sheaff Brock Investment Advisors LLC has reduced its holdings in Wells Fargo by 32.9% during the first quarter, owning 22,802 shares worth approximately $1.6 million.
• Wells Fargo reported $1.54 earnings per share for its latest quarter, surpassing analyst expectations of $1.41.
• The company has announced a $40 billion share repurchase plan, indicating confidence in its stock's value.

Sheaff Brock Investment Advisors LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 32.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,802 shares of the financial services provider's stock after selling 11,198 shares during the quarter. Sheaff Brock Investment Advisors LLC's holdings in Wells Fargo & Company were worth $1,637,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Motco boosted its holdings in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 326 shares during the period. Parvin Asset Management LLC acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $32,000. Finally, Dunhill Financial LLC boosted its holdings in shares of Wells Fargo & Company by 63.7% in the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 193 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on WFC. Truist Financial increased their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. JPMorgan Chase & Co. decreased their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Finally, TD Cowen began coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.39.

Wells Fargo & Company Trading Up 0.4%

Shares of WFC stock opened at $84.25 on Monday. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $84.83. The stock has a market cap of $274.15 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.31 and a beta of 1.16. The business has a fifty day simple moving average of $77.86 and a 200-day simple moving average of $74.63. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The business had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. During the same quarter last year, the business posted $1.33 earnings per share. The business's revenue for the quarter was up .6% on a year-over-year basis. On average, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

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

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 27.40%.

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.

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