Abner Herrman & Brock LLC Has $20.72 Million Stake in Wells Fargo & Company $WFC

Key Points

• Abner Herrman & Brock LLC reduced its stake in Wells Fargo by 10.3% during the second quarter, currently holding 258,657 shares valued at approximately $20.72 million.
• Wells Fargo's quarterly earnings showed an EPS of $1.54, surpassing analysts' expectations of $1.41, while quarterly revenue reached $20.82 billion.
• The company recently increased its quarterly dividend to $0.45 per share, resulting in an annual yield of 2.2%, up from the previous dividend of $0.40.

Abner Herrman & Brock LLC lowered its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 10.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 258,657 shares of the financial services provider's stock after selling 29,855 shares during the period. Wells Fargo & Company accounts for approximately 2.3% of Abner Herrman & Brock LLC's portfolio, making the stock its 18th largest position. Abner Herrman & Brock LLC's holdings in Wells Fargo & Company were worth $20,724,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC lifted its position in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after purchasing an additional 322 shares during the period. Motco lifted its position in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the period. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter worth approximately $29,000. 1248 Management LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter worth approximately $31,000. Finally, Stone House Investment Management LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter worth approximately $34,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $81.46 on Friday. The firm has a market capitalization of $260.95 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 1.26 and a beta of 1.25. The firm has a fifty day simple moving average of $80.38 and a two-hundred day simple moving average of $75.15. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 12 month low of $51.75 and a 12 month high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company's quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 EPS. Analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is presently 30.82%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on WFC shares. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Bank of America lifted their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Finally, Truist Financial lifted their price objective on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average price target of $82.56.

Wells Fargo & Company Company Profile

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.

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