Sound Shore Management Inc. CT Decreases Stake in Wells Fargo & Company (NYSE:WFC)

Sound Shore Management Inc. CT trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 19.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,248,386 shares of the financial services provider's stock after selling 304,713 shares during the quarter. Wells Fargo & Company comprises approximately 3.1% of Sound Shore Management Inc. CT's investment portfolio, making the stock its 13th biggest position. Sound Shore Management Inc. CT's holdings in Wells Fargo & Company were worth $89,622,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company in the fourth quarter valued at about $28,000. BNP Paribas acquired a new position in Wells Fargo & Company in the fourth quarter valued at about $28,000. Parvin Asset Management LLC acquired a new position in Wells Fargo & Company in the fourth quarter valued at about $32,000. Dunhill Financial LLC raised its stake in 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 purchasing an additional 193 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in Wells Fargo & Company in the fourth quarter valued at about $35,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Up 0.4%

Shares of NYSE WFC traded up $0.38 during mid-day trading on Friday, hitting $84.25. 14,071,803 shares of the stock traded hands, compared to its average volume of 19,653,194. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $84.83. The company has a market cap of $274.15 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 1.30 and a beta of 1.16. The stock has a fifty day moving average price of $77.86 and a 200-day moving average price of $74.59.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same period in the previous year, the company posted $1.33 earnings per share. The firm's revenue was up .6% on a year-over-year basis. Research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

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

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.90%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is 27.40%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Bank of America lifted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. 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 target price on the stock. Finally, Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $80.39.

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.