Wells Fargo & Company (NYSE:WFC) Sees Significant Decrease in Short Interest

Wells Fargo & Company (NYSE:WFC) saw a significant drop in short interest during the month of February. As of February 13th, there was short interest totaling 26,656,825 shares, a drop of 16.7% from the January 29th total of 31,999,574 shares. Based on an average daily trading volume, of 15,560,221 shares, the days-to-cover ratio is presently 1.7 days. Approximately 0.8% of the company’s stock are short sold. Approximately 0.8% of the company’s stock are short sold. Based on an average daily trading volume, of 15,560,221 shares, the days-to-cover ratio is presently 1.7 days.

Wells Fargo & Company Price Performance

NYSE WFC traded up $1.40 on Wednesday, hitting $83.93. The company had a trading volume of 18,048,002 shares, compared to its average volume of 16,991,063. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.90 and a quick ratio of 0.90. The company’s fifty day moving average price is $90.25 and its 200-day moving average price is $86.56. The company has a market capitalization of $258.98 billion, a PE ratio of 13.39, a PEG ratio of 0.90 and a beta of 1.08. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.10. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The firm had revenue of $21.29 billion for the quarter, compared to analyst estimates of $21.63 billion. During the same period in the previous year, the company posted $1.43 earnings per share. The business’s revenue was up 4.5% on a year-over-year basis. As a group, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, March 1st. Shareholders of record on Friday, February 6th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, February 6th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.71%.

Insiders Place Their Bets

In other news, EVP Ellen R. Patterson sold 60,000 shares of the business’s stock in a transaction dated 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 sale, the executive vice president owned 169,496 shares in the company, valued at approximately $14,813,950.40. The trade was a 26.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kleber Santos sold 25,000 shares of the 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. The trade was a 23.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 115,000 shares of company stock valued at $10,050,000. 0.08% of the stock is currently owned by corporate insiders.

Institutional Trading of Wells Fargo & Company

Institutional investors have recently bought and sold shares of the business. Hilton Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the 2nd quarter valued at about $3,656,000. Mawer Investment Management Ltd. acquired a new stake in shares of Wells Fargo & Company in the third quarter worth approximately $147,165,000. Guerra Advisors Inc grew its holdings in Wells Fargo & Company by 43.2% in the third quarter. Guerra Advisors Inc now owns 38,439 shares of the financial services provider’s stock valued at $3,222,000 after purchasing an additional 11,594 shares during the period. AlphaQuest LLC increased its position in Wells Fargo & Company by 1,121.0% during the third quarter. AlphaQuest LLC now owns 24,079 shares of the financial services provider’s stock worth $2,018,000 after purchasing an additional 22,107 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in Wells Fargo & Company by 52.7% during the third quarter. UMB Bank n.a. now owns 138,862 shares of the financial services provider’s stock worth $11,639,000 after purchasing an additional 47,946 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Wednesday, January 21st. Truist Financial dropped their price objective on shares of Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, January 15th. CICC Research assumed coverage on shares of Wells Fargo & Company in a research note on Wednesday, January 14th. They issued a “market perform” rating and a $96.00 price objective on the stock. UBS Group restated a “buy” rating and set a $113.00 target price on shares of Wells Fargo & Company in a research report on Wednesday, February 4th. Finally, HSBC reaffirmed a “hold” rating and issued a $74.00 price target on shares of Wells Fargo & Company in a report on Wednesday, January 7th. Thirteen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $97.03.

About Wells Fargo & Company

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.