Wells Fargo & Company $WFC Shares Sold by Pitcairn Co.

Pitcairn Co. cut its stake in Wells Fargo & Company (NYSE:WFC) by 13.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,798 shares of the financial services provider’s stock after selling 7,794 shares during the quarter. Pitcairn Co.’s holdings in Wells Fargo & Company were worth $4,070,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of WFC. Access Investment Management LLC acquired a new stake in shares of Wells Fargo & Company in the second quarter worth approximately $25,000. CBIZ Investment Advisory Services LLC grew its stake in Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at approximately $27,000. 1248 Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter valued at about $31,000. Finally, Kilter Group LLC purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $31,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $92.76 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $93.42. The firm has a market cap of $291.18 billion, a PE ratio of 15.26, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11. The company’s 50 day moving average is $85.51 and its two-hundred day moving average is $81.74.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, topping the consensus estimate of $1.55 by $0.18. The business had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.42 earnings per share. On average, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 7th were issued a dividend of $0.45 per share. The ex-dividend date was Friday, November 7th. This represents a $1.80 annualized dividend and a yield of 1.9%. Wells Fargo & Company’s dividend payout ratio is 29.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. UBS Group reduced their target price on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, October 7th. Dbs Bank raised shares of Wells Fargo & Company to a “moderate buy” rating in a research report on Tuesday, October 21st. Citigroup increased their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. Truist Financial boosted their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $90.04.

Wells Fargo & Company 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.