Laird Norton Wetherby Wealth Management LLC Cuts Position in Wells Fargo & Company (NYSE:WFC)

Laird Norton Wetherby Wealth Management LLC decreased its position in Wells Fargo & Company (NYSE:WFC) by 4.0% during the fourth quarter, Holdings Channel reports. The firm owned 51,670 shares of the financial services provider’s stock after selling 2,178 shares during the quarter. Laird Norton Wetherby Wealth Management LLC’s holdings in Wells Fargo & Company were worth $3,629,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Spinnaker Trust lifted its holdings in shares of Wells Fargo & Company by 1.8% during the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock worth $520,000 after acquiring an additional 130 shares during the period. Shakespeare Wealth Management LLC raised its stake in Wells Fargo & Company by 0.9% during the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock worth $972,000 after purchasing an additional 130 shares during the period. MONECO Advisors LLC raised its stake in Wells Fargo & Company by 1.9% during the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock worth $493,000 after purchasing an additional 134 shares during the period. Crown Wealth Group LLC raised its position in shares of Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock worth $467,000 after buying an additional 140 shares during the period. Finally, Jaffetilchin Investment Partners LLC raised its position in shares of Wells Fargo & Company by 0.6% in the 4th quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider’s stock worth $1,580,000 after buying an additional 144 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $72.44 on Monday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The company has a market capitalization of $235.73 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The firm’s fifty day moving average price is $69.06 and its 200 day moving average price is $72.22.

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, topping analysts’ consensus estimates 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 business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same period in the previous year, the company earned $1.20 earnings per share. The company’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be paid a $0.40 dividend. The ex-dividend date is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.21%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company announced that its Board of Directors has initiated a share repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on WFC shares. Raymond James cut 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. Keefe, Bruyette & Woods raised their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Truist Financial cut their target price on shares of 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. Finally, Bank of America cut their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.34.

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.