ICA Group Wealth Management LLC Cuts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

ICA Group Wealth Management LLC lessened its position in Wells Fargo & Company (NYSE:WFC) by 0.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,758 shares of the financial services provider’s stock after selling 343 shares during the quarter. ICA Group Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,449,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in WFC. Geode Capital Management LLC boosted its stake in Wells Fargo & Company by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 67,816,895 shares of the financial services provider’s stock worth $2,795,394,000 after purchasing an additional 729,359 shares during the last quarter. Norges Bank acquired a new stake in Wells Fargo & Company in the 4th quarter valued at about $2,049,693,000. Moneta Group Investment Advisors LLC lifted its stake in Wells Fargo & Company by 129,312.1% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock worth $1,085,410,000 after purchasing an additional 26,267,166 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Wells Fargo & Company by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 23,079,196 shares of the financial services provider’s stock worth $862,700,000 after purchasing an additional 304,269 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Wells Fargo & Company by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 19,850,088 shares of the financial services provider’s stock valued at $742,014,000 after purchasing an additional 247,575 shares in the last quarter. 72.47% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

WFC opened at $41.00 on Friday. The stock’s 50-day moving average price is $43.50 and its 200 day moving average price is $41.63. Wells Fargo & Company has a 12-month low of $35.25 and a 12-month high of $48.84. The firm has a market cap of $150.01 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 0.82 and a beta of 1.14. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. The business had revenue of $20.53 billion for the quarter, compared to analysts’ expectations of $20.11 billion. Wells Fargo & Company had a net margin of 16.18% and a return on equity of 11.15%. The business’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 earnings per share. As a group, sell-side analysts expect that Wells Fargo & Company will post 4.84 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 4th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Thursday, August 3rd. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.30. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 35.00%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WFC. Atlantic Securities boosted their price objective on Wells Fargo & Company from $50.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, August 1st. Wolfe Research lowered shares of Wells Fargo & Company from an “outperform” rating to a “peer perform” rating in a report on Friday, July 7th. VNET Group reaffirmed a “maintains” rating on shares of Wells Fargo & Company in a research note on Monday, June 26th. StockNews.com began coverage on shares of Wells Fargo & Company in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Piper Sandler lifted their price target on shares of Wells Fargo & Company from $43.00 to $45.00 in a research report on Monday, July 17th. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.39.

About Wells Fargo & Company

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.