Adage Capital Partners GP L.L.C. Trims Stake in Wells Fargo & Company $WFC

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Wells Fargo by 7.1%, now holding 2,832,096 shares worth approximately $203.32 million.
• Wells Fargo recently declared an increased quarterly dividend of $0.45 per share, up from $0.40, representing a 2.2% yield.
• Analysts have mixed reviews on Wells Fargo's stock, with ratings ranging from "buy" to "hold," and a consensus target price of $81.58.

Adage Capital Partners GP L.L.C. decreased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 7.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,832,096 shares of the financial services provider's stock after selling 217,900 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.09% of Wells Fargo & Company worth $203,316,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in WFC. Accretive Wealth Partners LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock valued at $54,471,000 after purchasing an additional 71,740 shares during the period. Secured Retirement Advisors LLC purchased a new position in Wells Fargo & Company during the first quarter worth about $408,000. RKL Wealth Management LLC raised its holdings in Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after acquiring an additional 5,113 shares in the last quarter. Finally, Allianz SE grew its position in shares of Wells Fargo & Company by 22.6% during the first quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after acquiring an additional 39,150 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC traded down $1.28 during trading on Wednesday, hitting $80.51. 11,173,017 shares of the stock were exchanged, compared to its average volume of 12,728,267. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market capitalization of $257.89 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.28 and a beta of 1.25. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83. The company's fifty day simple moving average is $80.51 and its 200-day simple moving average is $75.06.

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

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were paid a dividend of $0.45 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. 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%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 30.82%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. The Goldman Sachs Group cut their target price 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. Truist Financial boosted their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Bank of America upped their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, TD Cowen assumed coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus 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.