DnB Asset Management AS reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 12.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,261,810 shares of the financial services provider’s stock after selling 310,355 shares during the period. DnB Asset Management AS owned approximately 0.06% of Wells Fargo & Company worth $96,534,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Barrett & Company Inc. acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at about $25,000. Silicon Valley Capital Partners acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $26,000. Studio Investment Management LLC purchased a new stake in Wells Fargo & Company during the fourth quarter worth $28,000. Strategic Investment Solutions Inc. IL acquired a new stake in Wells Fargo & Company during the first quarter valued at $28,000. Finally, Activest Wealth Management purchased a new position in Wells Fargo & Company in the first quarter valued at $30,000. 72.47% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on WFC shares. VNET Group reissued a “maintains” rating on shares of Wells Fargo & Company in a research note on Monday, June 26th. BMO Capital Markets dropped their price objective on Wells Fargo & Company from $54.00 to $51.00 in a report on Monday, July 17th. Odeon Capital Group downgraded Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $43.75 target price for the company. in a research note on Monday, July 17th. Citigroup increased their target price on Wells Fargo & Company from $50.00 to $52.00 in a research report on Sunday, July 16th. Finally, Atlantic Securities lifted their target price on shares of Wells Fargo & Company from $50.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday, August 1st. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.39.
Wells Fargo & Company Trading Up 2.2 %
WFC stock traded up $0.94 during trading on Thursday, reaching $43.19. 5,467,220 shares of the stock were exchanged, compared to its average volume of 20,161,332. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $158.02 billion, a price-to-earnings ratio of 10.56, a P/E/G ratio of 0.82 and a beta of 1.14. The business has a 50 day moving average price of $43.44 and a 200-day moving average price of $41.51. Wells Fargo & Company has a 1 year low of $35.25 and a 1 year high of $48.84.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. The firm had revenue of $20.53 billion for the quarter, compared to analyst estimates 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 revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.74 EPS. On average, research analysts predict 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. Stockholders of record on Friday, August 4th were issued a dividend of $0.35 per share. 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. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.24%. Wells Fargo & Company’s dividend payout ratio is currently 35.00%.
Wells Fargo & Company Company Profile
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.
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