Canada Post Corp Registered Pension Plan trimmed its position in Wells Fargo & Company (NYSE:WFC) by 3.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 187,752 shares of the financial services provider’s stock after selling 7,669 shares during the period. Wells Fargo & Company makes up approximately 0.7% of Canada Post Corp Registered Pension Plan’s holdings, making the stock its 29th biggest holding. Canada Post Corp Registered Pension Plan’s holdings in Wells Fargo & Company were worth $17,498,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of WFC. Navalign LLC acquired a new stake in Wells Fargo & Company during the 4th quarter worth approximately $26,000. Redmont Wealth Advisors LLC acquired a new stake in Wells Fargo & Company during the 3rd quarter worth approximately $27,000. Joseph Group Capital Management acquired a new stake in Wells Fargo & Company during the 4th quarter worth approximately $28,000. Grey Fox Wealth Advisors LLC acquired a new stake in Wells Fargo & Company during the 3rd quarter worth approximately $30,000. Finally, Imprint Wealth LLC acquired a new stake in Wells Fargo & Company during the 3rd quarter worth approximately $31,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Wells Fargo & Company
In other news, EVP Kleber Santos sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $87.72, for a total transaction of $2,193,000.00. Following the completion of the transaction, the executive vice president directly owned 79,876 shares of the company’s stock, valued at $7,006,722.72. This trade represents a 23.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ellen R. Patterson sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $87.40, for a total transaction of $5,244,000.00. Following the transaction, the executive vice president directly owned 169,496 shares of the company’s stock, valued at $14,813,950.40. This represents a 26.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 115,000 shares of company stock valued at $10,050,000 in the last ninety days. 0.14% of the stock is currently owned by corporate insiders.
Wells Fargo & Company Price Performance
Wells Fargo & Company (NYSE:WFC – Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.02. The company had revenue of $11.62 billion during the quarter, compared to analysts’ expectations of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the business earned $1.39 EPS. As a group, equities research analysts forecast that Wells Fargo & Company will post 6.82 EPS for the current fiscal year.
Wells Fargo & Company Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, May 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 27.78%.
Wells Fargo & Company News Roundup
Here are the key news stories impacting Wells Fargo & Company this week:
- Negative Sentiment: JPMorgan reiterated a Hold rating on Wells Fargo and cut its price target to $86.50 from $91, reinforcing a more cautious near-term outlook for the stock. Wells Fargo (WFC) Stock Expected To Stay Under Pressure In The Short Term
- Neutral Sentiment: Wells Fargo announced cash dividends on six series of preferred stock, a routine capital return update that should not materially change the near-term outlook for common shares. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
- Neutral Sentiment: Commentary around Wells Fargo’s post-earnings performance noted that the stock remains below its recent levels after the company’s latest results, with investors still assessing whether revenue growth can offset higher compensation and technology costs. Wells Fargo Revenues Are Rising, But Can It Bend the Cost Curve?
- Neutral Sentiment: Wells Fargo’s economists changed their view on the timing of the next Fed rate cut, highlighting uncertainty around inflation and interest-rate expectations that could influence bank earnings and net interest income. Wells Fargo sees writing on the wall about the next Fed rate cut
- Negative Sentiment: Broader financial stocks weakened in the latest session, which may be adding pressure to Wells Fargo as part of a sector-wide move lower. Sector Update: Financial Stocks Fall Wednesday
Wall Street Analysts Forecast Growth
WFC has been the topic of several research analyst reports. Keefe, Bruyette & Woods dropped their target price on shares of Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating on the stock in a report on Wednesday, April 15th. KGI Securities downgraded shares of Wells Fargo & Company to a “hold” rating in a report on Thursday, April 16th. Jefferies Financial Group initiated coverage on shares of Wells Fargo & Company in a report on Thursday, March 26th. They set a “buy” rating and a $100.00 target price on the stock. Robert W. Baird upgraded shares of Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 target price on the stock in a report on Friday, February 13th. Finally, Evercore restated an “outperform” rating on shares of Wells Fargo & Company in a report on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $97.53.
Check Out Our Latest Stock Analysis on WFC
Wells Fargo & Company Profile
Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.
Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.
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