Wells Fargo & Company $WFC Shares Sold by Summit Wealth Group LLC Co.

Summit Wealth Group LLC Co. reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 83.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 5,026 shares of the financial services provider’s stock after selling 25,451 shares during the quarter. Summit Wealth Group LLC Co.’s holdings in Wells Fargo & Company were worth $468,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Private Wealth Group LLC boosted its stake in shares of Wells Fargo & Company by 2.5% during the 4th quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 108 shares during the last quarter. Moss Adams Wealth Advisors LLC boosted its stake in shares of Wells Fargo & Company by 1.0% during the 4th quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider’s stock worth $1,123,000 after purchasing an additional 117 shares during the last quarter. Main Street Group LTD boosted its stake in shares of Wells Fargo & Company by 36.9% during the 3rd quarter. Main Street Group LTD now owns 438 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 118 shares during the last quarter. D Orazio & Associates Inc. boosted its stake in shares of Wells Fargo & Company by 3.6% during the 3rd quarter. D Orazio & Associates Inc. now owns 3,436 shares of the financial services provider’s stock worth $288,000 after purchasing an additional 118 shares during the last quarter. Finally, Stonebrook Private Inc. boosted its stake in shares of Wells Fargo & Company by 2.7% during the 3rd quarter. Stonebrook Private Inc. now owns 4,511 shares of the financial services provider’s stock worth $378,000 after purchasing an additional 118 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Wells Fargo & Company from $108.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 31st. Barclays cut their price objective on shares of Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, April 15th. TD Cowen cut their price objective on shares of Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating on the stock in a report on Thursday, January 15th. Robert W. Baird upgraded shares of Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 price objective on the stock in a report on Friday, February 13th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a report on Monday, April 20th. Two research 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 MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $97.53.

Wells Fargo & Company Trading Down 2.2%

Shares of WFC opened at $73.52 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $224.98 billion, a P/E ratio of 11.35, a price-to-earnings-growth ratio of 0.88 and a beta of 0.96. The stock’s fifty day simple moving average is $79.69 and its 200 day simple moving average is $85.82. Wells Fargo & Company has a twelve month low of $71.89 and a twelve month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating the consensus estimate of $1.58 by $0.02. The firm had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. Wells Fargo & Company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.39 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 6.82 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, May 8th. Wells Fargo & Company’s payout ratio is 27.78%.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ellen R. Patterson sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on Thursday, February 26th. The shares were 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. The trade was a 26.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Bridget E. Engle sold 30,000 shares of Wells Fargo & Company stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $87.10, for a total transaction of $2,613,000.00. Following the transaction, the executive vice president directly owned 83,478 shares in the company, valued at approximately $7,270,933.80. This trade represents a 26.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 115,000 shares of company stock valued at $10,050,000 over the last ninety days. Corporate insiders own 0.14% of the company’s stock.

Wells Fargo & Company News Summary

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Phillip Securities upgraded Wells Fargo to Buy with a $98 price target, reinforcing the view that the stock remains undervalued and may have room to rebound. Wells Fargo (WFC) Upgraded to ‘Buy’ with $98 Price Target
• Positive Sentiment: Other recent coverage also argued Wells Fargo still offers meaningful upside, with one report pointing to about 16% upside despite the recent selloff. Wells Fargo Set for 16% Upside Despite Recent Selloff
• Neutral Sentiment: Wells Fargo’s own analyst Ohsung Kwon is making headlines for a broader market call that AI is in an “euphoric” bubble, a comment that reflects the firm’s active market research but does not directly change Wells Fargo’s fundamentals. Wells Fargo: AI is a ‘euphoric’ bubble and investors should ride it until it pops
• Neutral Sentiment: Fresh articles on Wells Fargo’s increased Ether ETF exposure and shifting crypto holdings may signal portfolio repositioning, but they are not likely to move the bank’s stock on their own. Wells Fargo lifts Ether ETF holdings in Q1 as Bitcoin positions shift
• Negative Sentiment: The stock has also been weighed by the broader market’s reaction to Wells Fargo’s latest earnings and revenue mix, where EPS beat estimates but revenue came in well below expectations, keeping investors cautious about the pace of growth.

Wells Fargo & Company 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.