Keel Point LLC Lowers Stake in Wells Fargo & Company $WFC

Keel Point LLC cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 42.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,172 shares of the financial services provider’s stock after selling 8,370 shares during the period. Keel Point LLC’s holdings in Wells Fargo & Company were worth $889,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of WFC. Norges Bank purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $4,512,563,000. Capital Research Global Investors lifted its position in shares of Wells Fargo & Company by 4.9% during the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider’s stock valued at $3,487,687,000 after buying an additional 1,760,484 shares in the last quarter. Legal & General Group Plc grew its stake in Wells Fargo & Company by 0.9% in the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider’s stock valued at $1,975,600,000 after acquiring an additional 188,186 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Wells Fargo & Company by 13.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock valued at $1,922,257,000 after acquiring an additional 2,369,260 shares during the period. Finally, Amundi increased its holdings in Wells Fargo & Company by 73.0% in the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock worth $1,310,663,000 after acquiring an additional 6,944,316 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WFC. Truist Financial upped their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods dropped their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 15th. KGI Securities cut shares of Wells Fargo & Company to a “hold” rating in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $98.61.

Wells Fargo & Company Trading Up 0.2%

Shares of WFC stock opened at $86.60 on Monday. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s fifty day moving average is $83.78 and its two-hundred day moving average is $83.08. The firm has a market capitalization of $261.88 billion, a P/E ratio of 12.59, a PEG ratio of 0.94 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.60 earnings per share. Research analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.3%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio is currently 26.16%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.