Moss Adams Wealth Advisors LLC Cuts Position in Wells Fargo & Company (NYSE:WFC)

Moss Adams Wealth Advisors LLC lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 5.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,726 shares of the financial services provider’s stock after selling 674 shares during the period. Moss Adams Wealth Advisors LLC’s holdings in Wells Fargo & Company were worth $842,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of WFC. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company in the 4th quarter worth about $26,000. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company in the 4th quarter worth about $28,000. BNP Paribas acquired a new stake in Wells Fargo & Company in the 4th quarter worth about $28,000. Rakuten Securities Inc. boosted its holdings 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 worth $30,000 after buying an additional 237 shares during the last quarter. Finally, McClarren Financial Advisors Inc. acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 2.0%

Shares of NYSE WFC opened at $76.38 on Monday. The firm has a market cap of $248.55 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.18 and a beta of 1.16. 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 has a 52-week low of $50.15 and a 52-week high of $81.50. The business’s 50 day moving average is $70.42 and its two-hundred day moving average is $72.95.

Wells Fargo & Company (NYSE:WFC) last announced 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 company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.20 earnings per share. Research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its board has authorized a share repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WFC. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Citigroup lowered their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Truist Financial lowered their target price on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. lowered their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Finally, Raymond James decreased their price objective 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. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average price target of $77.48.

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.