Wells Fargo & Company $WFC Shares Acquired by Legato Capital Management LLC

Key Points

• Legato Capital Management boosted its Wells Fargo stake by 42% in the fourth quarter, adding 15,730 shares to bring its total to 53,214 shares valued at about $4.96 million.
• Two Wells Fargo executives sold shares in late February: EVP Ellen R. Patterson sold 60,000 shares and EVP Bridget E. Engle sold 30,000 shares, reducing their ownership positions by roughly 26% each.
• Wells Fargo continues to draw attention for positive operational catalysts, including the launch of its Advisor Gateway platform and analyst commentary that cost cuts could help the bank reach its 17%–18% ROTCE target. The stock also carries a consensus Moderate Buy rating with an average target price of $97.53.

Legato Capital Management LLC increased its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 42.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,214 shares of the financial services provider's stock after acquiring an additional 15,730 shares during the period. Legato Capital Management LLC's holdings in Wells Fargo & Company were worth $4,960,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Private Wealth Group LLC grew its holdings in shares of Wells Fargo & Company by 2.5% in the 4th quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider's stock worth $421,000 after acquiring an additional 108 shares during the period. Simmons Bank grew its holdings in shares of Wells Fargo & Company by 1.9% in the 4th quarter. Simmons Bank now owns 6,359 shares of the financial services provider's stock worth $593,000 after acquiring an additional 116 shares during the period. Moss Adams Wealth Advisors LLC grew its holdings in shares of Wells Fargo & Company by 1.0% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider's stock worth $1,123,000 after acquiring an additional 117 shares during the period. Main Street Group LTD grew its holdings in shares of Wells Fargo & Company by 36.9% in the 3rd quarter. Main Street Group LTD now owns 438 shares of the financial services provider's stock worth $37,000 after acquiring an additional 118 shares during the period. Finally, D Orazio & Associates Inc. grew its holdings in Wells Fargo & Company by 3.6% during the 3rd quarter. D Orazio & Associates Inc. now owns 3,436 shares of the financial services provider's stock valued at $288,000 after buying an additional 118 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Ellen R. Patterson sold 60,000 shares of the firm's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $87.40, for a total transaction of $5,244,000.00. Following the sale, the executive vice president owned 169,496 shares in the company, valued at $14,813,950.40. This trade represents a 26.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Bridget E. Engle sold 30,000 shares of the firm's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $87.10, for a total value of $2,613,000.00. Following the sale, the executive vice president owned 83,478 shares in the company, valued at $7,270,933.80. This trade represents a 26.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.14% of the stock is owned by company insiders.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo launched Advisor Gateway, a new desktop platform for financial advisors that gives access to more than 200 tools and applications. Investors may see this as a sign the bank is investing in technology and advisor productivity, which could support fee growth and client retention. Wells Fargo & Company (WFC) Launches Advisor Gateway, Here’s What You Need to Know
• Positive Sentiment: Analysts and market commentary continue to frame WFC as undervalued, with cost cuts and efficiency improvements potentially helping the bank reach its 17%–18% ROTCE target. That supports the case for earnings leverage if management executes well. WFC's Efficiency Story: Will Cost Cuts Lift ROTCE to Its Target Level?
• Positive Sentiment: Wall Street reaction to the recent $110 million discrimination settlement has been relatively muted to constructive, with commentary noting a buy-skewed analyst consensus and insider buying. That suggests investors may be looking past the legal overhang. Wall Street’s Verdict on Wells Fargo After the $110 Million Discrimination Settlement
• Neutral Sentiment: One article on Wells Fargo’s revised price target for Alphabet is only indirectly relevant to WFC and does not appear to be a direct driver of the stock today.
• Neutral Sentiment: Several repeat items discuss the same Advisor Gateway launch and efficiency/cost-cutting story, reinforcing the same theme rather than adding a new catalyst.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $76.52 on Friday. The business's fifty day moving average price is $78.92 and its two-hundred day moving average price is $85.25. The stock has a market cap of $234.15 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 0.89 and a beta of 0.96. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a one year low of $71.89 and a one year high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The business had revenue of $11.62 billion for the quarter, compared to analysts' expectations of $21.85 billion. During the same quarter last year, the firm earned $1.39 earnings per share. The business's revenue was up 6.4% on a year-over-year basis. On average, analysts forecast that Wells Fargo & Company will post 6.82 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, May 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company's dividend payout ratio (DPR) is 27.78%.

Analysts Set New Price Targets

WFC has been the topic of a number of analyst reports. HSBC upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 target price on the stock in a report on Wednesday, April 1st. Keefe, Bruyette & Woods lowered their target price on Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating on the stock in a report on Wednesday, April 15th. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. UBS Group reiterated a "buy" rating and set a $113.00 target price on shares of Wells Fargo & Company in a report on Wednesday, February 4th. Finally, Truist Financial lowered their target price on Wells Fargo & Company from $98.00 to $94.00 and set a "buy" rating on the stock in a report on Tuesday, March 17th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $97.53.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.