RiverFront Investment Group LLC Grows Stock Holdings in Wells Fargo & Company $WFC

RiverFront Investment Group LLC increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 9.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 121,907 shares of the financial services provider’s stock after buying an additional 10,753 shares during the period. RiverFront Investment Group LLC’s holdings in Wells Fargo & Company were worth $11,362,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Private Wealth Group LLC boosted its holdings in Wells Fargo & Company by 2.5% during the fourth quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider’s stock worth $421,000 after buying an additional 108 shares in the last quarter. Simmons Bank boosted its holdings in Wells Fargo & Company by 1.9% during the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock worth $593,000 after buying an additional 116 shares in the last quarter. Moss Adams Wealth Advisors LLC boosted its holdings in Wells Fargo & Company by 1.0% during the fourth quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider’s stock worth $1,123,000 after buying an additional 117 shares in the last quarter. Main Street Group LTD boosted its holdings in Wells Fargo & Company by 36.9% during the third quarter. Main Street Group LTD now owns 438 shares of the financial services provider’s stock worth $37,000 after buying an additional 118 shares in the last quarter. Finally, D Orazio & Associates Inc. boosted its holdings in Wells Fargo & Company by 3.6% during the third quarter. D Orazio & Associates Inc. now owns 3,436 shares of the financial services provider’s stock worth $288,000 after buying an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Activity

In other news, EVP Bridget E. Engle sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $87.10, for a total value of $2,613,000.00. Following the completion of the transaction, the executive vice president owned 83,478 shares of the company’s stock, valued at $7,270,933.80. The trade was a 26.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kleber Santos sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $87.72, for a total transaction of $2,193,000.00. Following the completion of the transaction, the executive vice president directly owned 79,876 shares of the company’s stock, valued at approximately $7,006,722.72. This represents a 23.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 115,000 shares of company stock valued at $10,050,000 over the last 90 days. Insiders own 0.14% of the company’s stock.

Wells Fargo & Company Stock Up 0.0%

Shares of NYSE WFC opened at $73.46 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 market capitalization of $224.79 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 0.86 and a beta of 0.96. 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’s 50-day moving average is $79.30 and its two-hundred day moving average is $85.63.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.02. The company had revenue of $11.62 billion for the quarter, compared to the consensus estimate of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.39 earnings per share. Equities analysts anticipate that Wells Fargo & Company will post 6.82 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, May 8th. Wells Fargo & Company’s payout ratio is currently 27.78%.

Key Wells Fargo & Company News

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

• Negative Sentiment: JPMorgan reiterated a Hold rating on Wells Fargo and cut its price target to $86.50 from $91, reinforcing a more cautious near-term outlook for the stock. Wells Fargo (WFC) Stock Expected To Stay Under Pressure In The Short Term
• Neutral Sentiment: Wells Fargo announced cash dividends on six series of preferred stock, a routine capital return update that should not materially change the near-term outlook for common shares. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Neutral Sentiment: Commentary around Wells Fargo’s post-earnings performance noted that the stock remains below its recent levels after the company’s latest results, with investors still assessing whether revenue growth can offset higher compensation and technology costs. Wells Fargo Revenues Are Rising, But Can It Bend the Cost Curve?
• Neutral Sentiment: Wells Fargo’s economists changed their view on the timing of the next Fed rate cut, highlighting uncertainty around inflation and interest-rate expectations that could influence bank earnings and net interest income. Wells Fargo sees writing on the wall about the next Fed rate cut
• Negative Sentiment: Broader financial stocks weakened in the latest session, which may be adding pressure to Wells Fargo as part of a sector-wide move lower. Sector Update: Financial Stocks Fall Wednesday

Wall Street Analyst Weigh In

WFC has been the topic of a number of research analyst reports. KGI Securities downgraded shares of Wells Fargo & Company to a “hold” rating in a report on Thursday, April 16th. Robert W. Baird raised shares of Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 price objective on the stock in a report on Friday, February 13th. The Goldman Sachs Group decreased their price objective on shares of Wells Fargo & Company from $109.00 to $93.00 and set a “buy” rating on the stock in a report on Monday, March 23rd. Barclays reduced their price target on shares of Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, April 15th. Finally, UBS Group reaffirmed a “buy” rating and issued a $113.00 price target on shares of Wells Fargo & Company in a report on Wednesday, February 4th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.53.

Wells Fargo & 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.