Bank of New York Mellon Corp Trims Stock Position in Wells Fargo & Company $WFC

Bank of New York Mellon Corp reduced its position in Wells Fargo & Company (NYSE:WFC) by 7.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,218,555 shares of the financial services provider’s stock after selling 1,570,661 shares during the quarter. Bank of New York Mellon Corp’s holdings in Wells Fargo & Company were worth $1,459,671,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC lifted its position in Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after purchasing an additional 25,436 shares during the period. Silver Oak Securities Incorporated acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth about $215,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth about $244,000. Brookstone Capital Management raised its position in shares of Wells Fargo & Company by 129.9% during the 1st quarter. Brookstone Capital Management now owns 40,630 shares of the financial services provider’s stock worth $2,917,000 after purchasing an additional 22,954 shares during the last quarter. Finally, Strategic Blueprint LLC raised its position in shares of Wells Fargo & Company by 3.0% during the 1st quarter. Strategic Blueprint LLC now owns 5,628 shares of the financial services provider’s stock worth $404,000 after purchasing an additional 162 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on WFC shares. Keefe, Bruyette & Woods upped their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, October 15th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Truist Financial increased their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, The Goldman Sachs Group dropped their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Eleven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $87.19 on Monday. The firm’s 50 day moving average price is $82.75 and its 200-day moving average price is $78.69. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a one year low of $58.42 and a one year high of $87.47. The firm has a market cap of $279.30 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.18 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. The company had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.42 EPS. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. Wells Fargo & Company’s dividend payout ratio is 29.61%.

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.