Sterling Investment Management LLC Sells 439 Shares of Wells Fargo & Company (NYSE:WFC)

Sterling Investment Management LLC cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 2.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,367 shares of the financial services provider’s stock after selling 439 shares during the quarter. Sterling Investment Management LLC’s holdings in Wells Fargo & Company were worth $1,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the business. Spinnaker Trust lifted its stake in shares of Wells Fargo & Company by 1.8% in the fourth quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock worth $520,000 after buying an additional 130 shares during the last quarter. Shakespeare Wealth Management LLC lifted its stake in shares of Wells Fargo & Company by 0.9% in the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock worth $972,000 after buying an additional 130 shares during the last quarter. MONECO Advisors LLC lifted its stake in shares of Wells Fargo & Company by 1.9% in the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock worth $493,000 after buying an additional 134 shares during the last quarter. Safeguard Investment Advisory Group LLC raised its stake in Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock valued at $410,000 after purchasing an additional 137 shares during the last quarter. Finally, Crown Wealth Group LLC raised its stake in Wells Fargo & Company by 2.2% during the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 140 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on WFC shares. Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. Truist Financial cut their price target on 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. Raymond James cut their target price on 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. Piper Sandler restated an “overweight” rating and issued a $85.00 price target (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Finally, The Goldman Sachs Group increased their price objective on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $77.68.

Wells Fargo & Company Trading Down 0.7%

WFC opened at $74.95 on Thursday. 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 twelve month low of $50.15 and a twelve month high of $81.50. The stock has a market capitalization of $243.90 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 1.18 and a beta of 1.16. The company has a 50-day simple moving average of $70.98 and a 200 day simple moving average of $72.99.

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

Wells Fargo & Company Dividend Announcement

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

Wells Fargo & Company declared that its Board of Directors has approved a stock buyback 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 repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.