Wells Fargo & Company $WFC Shares Sold by Main Street Research LLC

Key Points

• Main Street Research LLC cut its Wells Fargo stake by 46.5% in the fourth quarter, selling 17,239 shares and leaving it with 19,846 shares valued at about $1.85 million.
• Two Wells Fargo executives, Ellen R. Patterson and Bridget E. Engle, sold shares on February 26, totaling 90,000 shares combined and reducing their ownership stakes by roughly 26% each.
• Wells Fargo reported Q1 EPS of $1.60, beating estimates, and it also announced a quarterly dividend of $0.45 per share, implying a 2.4% yield; analysts currently rate the stock a Moderate Buy with an average price target of $97.53.

Main Street Research LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 46.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,846 shares of the financial services provider's stock after selling 17,239 shares during the period. Main Street Research LLC's holdings in Wells Fargo & Company were worth $1,850,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Navalign LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $26,000. Joseph Group Capital Management acquired a new stake in Wells Fargo & Company in the fourth quarter valued at about $28,000. Redmont Wealth Advisors LLC acquired a new stake in Wells Fargo & Company in the third quarter valued at about $27,000. Imprint Wealth LLC acquired a new stake in Wells Fargo & Company in the third quarter valued at about $31,000. Finally, Main Street Group LTD lifted its position in Wells Fargo & Company by 36.9% in the third quarter. Main Street Group LTD now owns 438 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 118 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Insider Transactions at Wells Fargo & Company

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

Wells Fargo & Company Trading Up 0.2%

Shares of Wells Fargo & Company stock opened at $76.52 on Monday. Wells Fargo & Company has a 12-month low of $71.89 and a 12-month high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. The stock has a market cap of $234.15 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 0.90 and a beta of 0.96. The company has a 50-day moving average of $78.92 and a two-hundred day moving average of $85.24.

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

Wells Fargo & Company Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages recently commented on WFC. HSBC upgraded shares of Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 price objective for the company in a research report on Wednesday, April 1st. Keefe, Bruyette & Woods reduced their price objective on shares of Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating for the company in a research report on Wednesday, April 15th. Barclays reduced their price objective on shares of Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating for the company in a research report on Wednesday, April 15th. Morgan Stanley reduced their price objective on shares of Wells Fargo & Company from $108.00 to $100.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 31st. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $97.53.

Wells Fargo & Company News Roundup

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 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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

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.