Abner Herrman & Brock LLC Decreases Holdings in Wells Fargo & Company $WFC

Key Points

• Abner Herrman & Brock LLC cut its Wells Fargo stake by 31.3% in the second quarter, selling 82,358 shares and retaining 180,453 shares valued at approximately $14.9 million.
• Wells Fargo reported quarterly earnings of $1.96 per share, exceeding the $1.73 analyst consensus, while revenue rose 8.6% year over year to $22.62 billion.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equivalent to an annualized $2.00 payout and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

Abner Herrman & Brock LLC decreased its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 31.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 180,453 shares of the financial services provider's stock after selling 82,358 shares during the quarter. Wells Fargo & Company comprises about 1.4% of Abner Herrman & Brock LLC's portfolio, making the stock its 28th biggest position. Abner Herrman & Brock LLC's holdings in Wells Fargo & Company were worth $14,913,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WFC. Norges Bank purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth $4,512,563,000. Amundi grew its holdings in shares of Wells Fargo & Company by 73.0% during the first quarter. Amundi now owns 16,463,550 shares of the financial services provider's stock valued at $1,310,663,000 after buying an additional 6,944,316 shares during the last quarter. Mawer Investment Management Ltd. grew its holdings in shares of Wells Fargo & Company by 177.7% during the fourth quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider's stock valued at $454,455,000 after buying an additional 3,120,399 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of 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, PFA Pension Forsikringsaktieselskab acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $173,651,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $87.25 on Friday. The firm has a 50 day moving average of $84.90 and a two-hundred day moving average of $83.06. The stock has a market capitalization of $263.86 billion, a PE ratio of 12.68, a P/E/G ratio of 0.95 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company's revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.60 earnings per share. On average, research analysts predict that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given 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 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 is 26.16%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Morgan Stanley increased their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Sunday, June 14th. Robert W. Baird increased their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Piper Sandler reiterated an "overweight" rating and set a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Finally, Bank of America raised their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of "Moderate Buy" and an average target price of $98.61.

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.

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