Meridian Wealth Management LLC Cuts Stock Holdings in Wells Fargo & Company $WFC

Meridian Wealth Management LLC reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 35.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,456 shares of the financial services provider’s stock after selling 7,506 shares during the period. Meridian Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,254,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in WFC. Redmont Wealth Advisors LLC purchased a new position in Wells Fargo & Company during the third quarter worth about $27,000. Joseph Group Capital Management purchased a new position in Wells Fargo & Company during the fourth quarter worth about $28,000. Grey Fox Wealth Advisors LLC purchased a new position in Wells Fargo & Company during the third quarter worth about $30,000. Imprint Wealth LLC purchased a new position in Wells Fargo & Company during the third quarter worth about $31,000. Finally, Cloud Capital Management LLC purchased a new position in Wells Fargo & Company during the third quarter worth about $37,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Bridget E. Engle sold 30,000 shares of the firm’s 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 sale, the executive vice president 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kleber Santos sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $87.72, for a total transaction of $2,193,000.00. Following the sale, the executive vice president owned 79,876 shares in the company, valued at approximately $7,006,722.72. This trade represents a 23.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 115,000 shares of company stock worth $10,050,000. 0.14% of the stock is owned by insiders.

Key Wells Fargo & Company News

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.

Analysts Set New Price Targets

WFC has been the subject of several analyst reports. Argus increased their price target on shares of Wells Fargo & Company from $94.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. CICC Research started coverage on shares of Wells Fargo & Company in a research report on Wednesday, January 14th. They set a “market perform” rating and a $96.00 target price on the stock. HSBC upgraded shares of 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. Keefe, Bruyette & Woods lowered their target price on shares of Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 15th. Finally, TD Cowen lowered their target price on shares of Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating on the stock in a research report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $97.53.

Wells Fargo & Company Stock Down 2.2%

WFC stock opened at $73.52 on Thursday. The company’s 50 day simple moving average is $79.69 and its 200-day simple moving average is $85.82. The firm has a market capitalization of $224.98 billion, a PE ratio of 11.35, a P/E/G ratio of 0.88 and a beta of 0.96. Wells Fargo & Company has a 12 month low of $71.89 and a 12 month high of $97.76. 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 released 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 business 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%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.39 earnings per share. Equities analysts expect that Wells Fargo & Company will post 6.82 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

Wells Fargo & 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.