Net Worth Advisory Group Sells 3,409 Shares of Wells Fargo & Company (NYSE:WFC)

Net Worth Advisory Group reduced its position in Wells Fargo & Company (NYSE:WFC) by 18.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 14,753 shares of the financial services provider’s stock after selling 3,409 shares during the period. Net Worth Advisory Group’s holdings in Wells Fargo & Company were worth $1,059,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $26,000. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $28,000. BNP Paribas bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $28,000. Rakuten Securities Inc. increased its position in shares of Wells Fargo & Company by 126.7% during the fourth 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 during the period. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $30,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $74.95 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock has a 50 day moving average price of $70.98 and a two-hundred day moving average price of $72.99. The company has a market capitalization of $243.90 billion, a P/E ratio of 13.93, a PEG ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data 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. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter in the previous year, the company posted $1.20 earnings per share. The business’s revenue was down 3.4% on a year-over-year basis. Analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.13%. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Evercore ISI boosted their price objective on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, June 4th. Truist Financial cut their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a report on Monday, April 14th. Citigroup cut their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Bank of America boosted their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, June 4th. Finally, Morgan Stanley boosted their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.68.

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.