Intact Investment Management Inc. Sells 21,200 Shares of Wells Fargo & Company $WFC

Intact Investment Management Inc. reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 38.3% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 34,100 shares of the financial services provider’s stock after selling 21,200 shares during the quarter. Intact Investment Management Inc.’s holdings in Wells Fargo & Company were worth $3,178,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of WFC. Diversified Trust Co. grew its holdings in shares of Wells Fargo & Company by 59.7% during the fourth quarter. Diversified Trust Co. now owns 35,285 shares of the financial services provider’s stock worth $3,289,000 after buying an additional 13,196 shares in the last quarter. Mawer Investment Management Ltd. bought a new position in Wells Fargo & Company in the third quarter valued at approximately $147,165,000. Guerra Advisors Inc grew its stake in Wells Fargo & Company by 43.2% in the third quarter. Guerra Advisors Inc now owns 38,439 shares of the financial services provider’s stock valued at $3,222,000 after purchasing an additional 11,594 shares in the last quarter. AlphaQuest LLC grew its stake in Wells Fargo & Company by 1,121.0% in the third quarter. AlphaQuest LLC now owns 24,079 shares of the financial services provider’s stock valued at $2,018,000 after purchasing an additional 22,107 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in Wells Fargo & Company by 52.7% in the third quarter. UMB Bank n.a. now owns 138,862 shares of the financial services provider’s stock valued at $11,639,000 after purchasing an additional 47,946 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. UBS Group restated a “buy” rating and issued a $113.00 price target on shares of Wells Fargo & Company in a research note on Wednesday, February 4th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Monday, April 20th. Piper Sandler restated an “overweight” rating and issued a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. Barclays cut their price objective on 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. Finally, CICC Research assumed coverage on Wells Fargo & Company in a research report on Wednesday, January 14th. They issued a “market perform” rating and a $96.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.53.

Insider Activity

In other news, EVP Kleber Santos sold 25,000 shares of Wells Fargo & Company stock in a transaction on Friday, February 20th. The stock was sold at an average price of $87.72, for a total value of $2,193,000.00. Following the transaction, the executive vice president owned 79,876 shares in the company, valued at approximately $7,006,722.72. This trade represents a 23.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ellen R. Patterson sold 60,000 shares of the business’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $87.40, for a total value 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 represents a 26.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 115,000 shares of company stock worth $10,050,000. Insiders own 0.14% of the company’s stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $79.27 on Tuesday. The stock’s fifty day moving average price is $80.85 and its two-hundred day moving average price is $86.21. Wells Fargo & Company has a one year low of $71.89 and a one year high of $97.76. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $242.59 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 0.95 and a beta of 0.96.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. During the same quarter last year, the company earned $1.39 EPS. The company’s revenue was up 6.4% on a year-over-year basis. As a group, research analysts expect that Wells Fargo & Company will post 6.82 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a $0.45 dividend. The ex-dividend date is Friday, May 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 27.78%.

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.