Atwood & Palmer Inc. Cuts Stock Position in Wells Fargo & Company (NYSE:WFC)

Atwood & Palmer Inc. decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 33.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,925 shares of the financial services provider’s stock after selling 1,500 shares during the quarter. Atwood & Palmer Inc.’s holdings in Wells Fargo & Company were worth $210,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Rialto Wealth Management LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $26,000. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $28,000. BNP Paribas purchased a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $28,000. McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $30,000. Finally, Rakuten Securities Inc. boosted its holdings in shares of 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 purchasing an additional 237 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.1%

NYSE:WFC opened at $76.40 on Tuesday. The firm has a market cap of $248.61 billion, a P/E ratio of 14.20, a P/E/G ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a 50-day simple moving average of $70.50 and a 200-day simple moving average of $72.96.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly 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 business had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business’s revenue was down 3.4% compared to the same quarter last year. During the same period last year, the business posted $1.20 EPS. Equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its board has authorized a share repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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 paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.09%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WFC. Truist Financial decreased their price target 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. TD Cowen assumed coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a “hold” rating and a $83.00 target price for the company. Citigroup dropped their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Evercore ISI increased their price objective on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. Finally, Barclays decreased their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Seven equities 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.48.

About Wells Fargo & Company

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.