Sand Hill Global Advisors LLC Sells 1,214 Shares of Wells Fargo & Company $WFC

Sand Hill Global Advisors LLC lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 19.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 4,987 shares of the financial services provider’s stock after selling 1,214 shares during the period. Sand Hill Global Advisors LLC’s holdings in Wells Fargo & Company were worth $358,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of WFC. Safeguard Investment Advisory Group LLC boosted its stake in Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 137 shares in the last quarter. Summit Wealth & Retirement Planning Inc. boosted its stake in Wells Fargo & Company by 4.3% in the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider’s stock worth $241,000 after purchasing an additional 139 shares in the last quarter. Nwam LLC boosted its stake in Wells Fargo & Company by 1.6% in the 1st quarter. Nwam LLC now owns 8,806 shares of the financial services provider’s stock worth $632,000 after purchasing an additional 142 shares in the last quarter. Zullo Investment Group Inc. boosted its stake in Wells Fargo & Company by 2.4% in the 1st quarter. Zullo Investment Group Inc. now owns 6,327 shares of the financial services provider’s stock worth $454,000 after purchasing an additional 147 shares in the last quarter. Finally, Fortem Financial Group LLC boosted its stake in Wells Fargo & Company by 2.3% in the 1st quarter. Fortem Financial Group LLC now owns 6,759 shares of the financial services provider’s stock worth $485,000 after purchasing an additional 150 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on WFC. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 4th. Truist Financial boosted their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Bank of America boosted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, June 4th. Finally, Evercore ISI reissued an “outperform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $81.58.

Wells Fargo & Company Price Performance

NYSE WFC opened at $77.46 on Tuesday. Wells Fargo & Company has a 52 week low of $50.22 and a 52 week high of $84.83. The firm has a market capitalization of $248.14 billion, a P/E ratio of 13.26, a PEG ratio of 1.20 and a beta of 1.20. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The company has a 50-day moving average price of $79.23 and a 200-day moving average price of $74.93.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the firm earned $1.33 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.3%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is currently 30.82%.

Wells Fargo & Company announced that its board has initiated a stock buyback program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

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.