Hosking Partners LLP Sells 6,676 Shares of Wells Fargo & Company (NYSE:WFC)

Hosking Partners LLP cut its stake in Wells Fargo & Company (NYSE:WFC) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 774,258 shares of the financial services provider’s stock after selling 6,676 shares during the period. Wells Fargo & Company accounts for about 2.3% of Hosking Partners LLP’s investment portfolio, making the stock its 13th biggest position. Hosking Partners LLP’s holdings in Wells Fargo & Company were worth $55,584,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Investment Counsel Co. of Nevada acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $28,000. BNP Paribas bought a new stake in Wells Fargo & Company during the fourth quarter worth $28,000. Motco raised its position in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 326 shares in the last quarter. Accent Capital Management LLC bought a new stake in Wells Fargo & Company during the first quarter worth $29,000. Finally, Parvin Asset Management LLC bought a new stake in Wells Fargo & Company during the fourth quarter worth $32,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.9%

Shares of Wells Fargo & Company stock opened at $77.78 on Friday. The company has a market capitalization of $249.16 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 1.20 and a beta of 1.20. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The firm’s 50-day moving average price is $78.92 and its two-hundred day moving average price is $74.97.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the company posted $1.33 earnings per share. On average, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company announced that its board has authorized a share repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be paid a dividend of $0.45 per share. The ex-dividend date is Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. Wells Fargo & Company’s dividend payout ratio is currently 27.40%.

Wall Street Analyst Weigh In

WFC has been the topic of several analyst reports. Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. Barclays dropped their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Finally, Cowen reissued a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $80.39.

About Wells Fargo & Company

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.