Wells Fargo & Company (NYSE:WFC) Shares Sold by Transform Wealth LLC

Transform Wealth LLC cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 7.7% during the first quarter, Holdings Channel.com reports. The fund owned 37,099 shares of the financial services provider’s stock after selling 3,088 shares during the period. Transform Wealth LLC’s holdings in Wells Fargo & Company were worth $2,663,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of WFC. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $26,000. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $28,000. BNP Paribas purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $28,000. McClarren Financial Advisors Inc. purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $30,000. Finally, Rakuten Securities Inc. lifted its stake in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after buying an additional 237 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday. Citigroup decreased their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Raymond James decreased their target price on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a research note on Monday, April 14th. Truist Financial decreased their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Barclays reduced their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $77.68.

Wells Fargo & Company Stock Down 1.3%

Shares of NYSE:WFC opened at $75.46 on Wednesday. The firm’s 50 day moving average price is $70.70 and its 200 day moving average price is $72.97. The stock has a market cap of $245.56 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm’s revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 earnings per share. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.12%. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

Wells Fargo & Company announced that its Board of Directors has authorized a stock buyback plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wells Fargo & 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.