Wells Fargo & Company $WFC Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 4.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 169,160 shares of the financial services provider’s stock after selling 7,000 shares during the quarter. Hartford Investment Management Co.’s holdings in Wells Fargo & Company were worth $13,979,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $25,000. Miller Capital Partners Inc. bought a new stake in Wells Fargo & Company in the fourth quarter valued at $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at $26,000. Joseph Group Capital Management bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $28,000. Finally, Core Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $29,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $88.13 on Friday. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The firm’s 50-day simple moving average is $85.60 and its 200 day simple moving average is $83.06. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The stock has a market cap of $266.51 billion, a P/E ratio of 12.81, a P/E/G ratio of 0.97 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. The firm 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%. Wells Fargo & Company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.60 EPS. Equities analysts expect that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.07%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on WFC shares. Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. KGI Securities lowered shares of Wells Fargo & Company to a “hold” rating in a research note on Thursday, April 16th. Robert W. Baird lifted their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.61.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Investors have been rotating from high-flying artificial-intelligence stocks into financial shares, creating broader momentum for banks such as Wells Fargo. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s investment case is strengthened by the expected removal of its asset cap, potential net-interest-income growth and shareholder capital returns. The stock has gained 20.5% over three months, though investors are evaluating whether that momentum can continue. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Positive Sentiment: The bank’s tokenized-deposit launch for corporate and commercial clients could expand payment and settlement capabilities, while new debt and preferred-share offerings support its broader post-asset-cap investment strategy. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?

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.