Intech Investment Management LLC Sells 38,583 Shares of Wells Fargo & Company $WFC

Intech Investment Management LLC reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 14.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 223,612 shares of the financial services provider’s stock after selling 38,583 shares during the period. Intech Investment Management LLC’s holdings in Wells Fargo & Company were worth $20,841,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its position in Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Jump Financial LLC raised its holdings in shares of Wells Fargo & Company by 12.9% in the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider’s stock valued at $1,835,000 after purchasing an additional 2,615 shares during the last quarter. Main Street Financial Solutions LLC lifted its position in shares of Wells Fargo & Company by 111.0% in the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider’s stock worth $1,122,000 after purchasing an additional 7,368 shares in the last quarter. Vivaldi Capital Management LP lifted its position in shares of Wells Fargo & Company by 5.4% in the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider’s stock worth $259,000 after purchasing an additional 165 shares in the last quarter. Finally, Diversify Advisory Services LLC boosted its holdings in Wells Fargo & Company by 51.2% during the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider’s stock worth $2,044,000 after purchasing an additional 8,714 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Key Stories Impacting Wells Fargo & Company

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

• Positive Sentiment: CEO Charlie Scharf said Wells Fargo expects investment banking and trading revenue to rise by mid-teen percentages in the second quarter, which could support fee income and help offset weakness elsewhere. Reuters article
• Positive Sentiment: At a Bernstein conference, Wells Fargo highlighted improving momentum in key businesses, reinforcing the case that ongoing operating improvements and a possible easing of regulatory constraints could support the stock over time. Seeking Alpha transcript
• Neutral Sentiment: The company is also benefiting indirectly from a broader banking backdrop in which excess cash in funding markets is boosting balance-sheet capacity at large banks, though this is more of an industry tailwind than a Wells Fargo-specific catalyst. Yahoo Finance/Bloomberg article
• Negative Sentiment: Wells Fargo warned that the recent small-cap rally may be masking weakening earnings estimates, low profitability and rising debt, a message that points to a more fragile market backdrop and may weigh on sentiment toward financials. MarketWatch article
• Negative Sentiment: Recent coverage also noted that WFC shares have been sliding year to date, reflecting investor concerns about the pace of recovery despite long-term support from digital growth, NII improvement and potential regulatory relief. Zacks article

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $76.65 on Friday. The company has a fifty day moving average price of $79.03 and a two-hundred day moving average price of $84.96. Wells Fargo & Company has a one year low of $71.93 and a one year high of $97.76. The stock has a market cap of $234.57 billion, a P/E ratio of 11.83, a P/E/G ratio of 0.89 and a beta of 0.96. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.90 and a quick ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm had revenue of $11.62 billion for the quarter, compared to the consensus estimate of $21.85 billion. During the same quarter in the previous year, the business earned $1.39 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. As a group, equities analysts predict that Wells Fargo & Company will post 6.84 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, May 8th. Wells Fargo & Company’s dividend payout ratio is currently 27.78%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on WFC shares. UBS Group reiterated a “buy” rating and issued a $113.00 price target on shares of Wells Fargo & Company in a research note on Wednesday, February 4th. Truist Financial reduced their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “buy” rating for the company in a research note on Tuesday, March 17th. Piper Sandler restated an “overweight” rating and issued a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. HSBC raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research report on Wednesday, April 1st. Finally, Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $97.53.

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.