Regal Partners Ltd Sells 184,889 Shares of Wells Fargo & Company (NYSE:WFC)

Regal Partners Ltd reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 20.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 717,554 shares of the financial services provider’s stock after selling 184,889 shares during the quarter. Wells Fargo & Company makes up approximately 5.1% of Regal Partners Ltd’s holdings, making the stock its 7th largest holding. Regal Partners Ltd’s holdings in Wells Fargo & Company were worth $50,401,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of WFC. Morse Asset Management Inc acquired a new position in shares of Wells Fargo & Company in the 3rd quarter worth approximately $487,000. Tudor Financial Inc. acquired a new position in shares of Wells Fargo & Company in the 3rd quarter worth approximately $468,000. Anchor Investment Management LLC boosted its holdings in shares of Wells Fargo & Company by 5.5% in the 3rd quarter. Anchor Investment Management LLC now owns 15,903 shares of the financial services provider’s stock worth $898,000 after acquiring an additional 836 shares in the last quarter. World Investment Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 1,263.8% in the 3rd quarter. World Investment Advisors LLC now owns 75,432 shares of the financial services provider’s stock worth $4,261,000 after acquiring an additional 69,901 shares in the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of Wells Fargo & Company by 4.5% in the 3rd quarter. Tidal Investments LLC now owns 138,813 shares of the financial services provider’s stock worth $7,842,000 after acquiring an additional 5,946 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WFC has been the subject of several analyst reports. Bank of America lowered their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday, April 7th. Truist Financial reduced their price target on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Finally, Raymond James reduced their target price on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a report on Monday, April 14th. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average target price of $75.34.

Wells Fargo & Company Stock Up 2.3 %

Shares of WFC stock opened at $71.06 on Wednesday. The firm’s fifty day moving average price is $69.64 and its two-hundred day moving average price is $71.68. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The firm has a market capitalization of $232.02 billion, a P/E ratio of 13.21, a PEG ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 earnings per share. On average, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has approved a share repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.25%. Wells Fargo & Company’s payout ratio is 28.73%.

About Wells Fargo & Company

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.