Wells Fargo & Company (NYSE:WFC) Shares Sold by Argent Trust Co

Argent Trust Co cut its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 6.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 86,367 shares of the financial services provider's stock after selling 5,918 shares during the quarter. Argent Trust Co's holdings in Wells Fargo & Company were worth $6,066,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth $26,000. Rakuten Securities Inc. increased its stake in 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 acquiring an additional 237 shares during the last quarter. Modus Advisors LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $30,000. McClarren Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $30,000. Finally, Decker Retirement Planning Inc. bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $32,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 1.2 %

WFC stock traded up $0.76 during trading on Monday, hitting $63.27. 12,786,941 shares of the company's stock traded hands, compared to its average volume of 17,579,592. The firm has a market capitalization of $206.59 billion, a P/E ratio of 11.76, a PEG ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The business has a fifty day simple moving average of $72.83 and a two-hundred day simple moving average of $70.97.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same period in the previous year, the company posted $1.20 EPS. The business's revenue for the quarter was down 3.4% compared to the same quarter last year. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.53%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company's payout ratio is 29.74%.

Wall Street Analysts Forecast Growth

WFC has been the topic of several analyst reports. Citigroup reduced their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Bank of America dropped their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Piper Sandler reduced their target price on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a research note on Monday. Raymond James dropped their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Eight equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $75.13.

Wells Fargo & Company Company Profile

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.