Brookstone Capital Management Sells 10,207 Shares of Wells Fargo & Company (NYSE:WFC)

Brookstone Capital Management reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 38.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,174 shares of the financial services provider’s stock after selling 10,207 shares during the quarter. Brookstone Capital Management’s holdings in Wells Fargo & Company were worth $650,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in WFC. People s United Financial Inc. lifted its stake in shares of Wells Fargo & Company by 2.8% in the 4th quarter. People s United Financial Inc. now owns 19,035 shares of the financial services provider’s stock valued at $913,000 after purchasing an additional 525 shares during the period. Hilltop Holdings Inc. raised its stake in Wells Fargo & Company by 7.3% during the fourth quarter. Hilltop Holdings Inc. now owns 13,274 shares of the financial services provider’s stock valued at $637,000 after buying an additional 903 shares during the last quarter. LPL Financial LLC raised its stake in Wells Fargo & Company by 9.3% during the fourth quarter. LPL Financial LLC now owns 1,588,600 shares of the financial services provider’s stock valued at $76,221,000 after buying an additional 135,553 shares during the last quarter. Freestone Capital Holdings LLC raised its stake in Wells Fargo & Company by 2.6% during the fourth quarter. Freestone Capital Holdings LLC now owns 186,186 shares of the financial services provider’s stock valued at $8,933,000 after buying an additional 4,740 shares during the last quarter. Finally, Ulysses Management LLC raised its stake in Wells Fargo & Company by 25.0% during the fourth quarter. Ulysses Management LLC now owns 50,000 shares of the financial services provider’s stock valued at $2,399,000 after buying an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 72.23% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $41.52 on Friday. The business has a fifty day moving average of $43.88 and a 200 day moving average of $44.46. Wells Fargo & Company has a one year low of $36.54 and a one year high of $60.30. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.80. The firm has a market capitalization of $157.49 billion, a P/E ratio of 9.96, a PEG ratio of 1.06 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFCGet Rating) last released its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.03). Wells Fargo & Company had a net margin of 22.52% and a return on equity of 10.67%. The company had revenue of $17.03 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the prior year, the firm posted $1.38 EPS. The business’s revenue for the quarter was down 16.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 4 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 5th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.89%. The ex-dividend date was Thursday, August 4th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.25. Wells Fargo & Company’s payout ratio is currently 28.78%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on WFC. Citigroup lowered their price objective on Wells Fargo & Company from $56.00 to $47.00 and set a “buy” rating for the company in a research note on Tuesday, July 12th. Morgan Stanley boosted their price target on Wells Fargo & Company from $59.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, July 18th. Royal Bank of Canada decreased their price target on Wells Fargo & Company from $55.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, July 1st. Piper Sandler set a $48.00 price target on Wells Fargo & Company in a research note on Monday, June 20th. Finally, Barclays decreased their price target on Wells Fargo & Company from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Monday, July 18th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.97.

Wells Fargo & Company Profile

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Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

See Also

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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