Allspring Global Investments Holdings LLC Sells 142,595 Shares of Wells Fargo & Company $WFC

Key Points

• Allspring Global Investments Holdings LLC reduced its Wells Fargo stake by 27.2% in the first quarter, selling 142,595 shares and leaving it with 381,154 shares worth about $30.7 million.
• Institutional ownership remains high, with 75.9% of Wells Fargo shares held by institutions. Other large investors also recently added to or trimmed positions, including Norges Bank, Capital Research Global Investors, and UBS AM.
• Wells Fargo’s stock and outlook remain relatively solid: the shares recently traded at $87.52, the company pays a 2.1% annualized dividend, and Wall Street currently has a consensus Moderate Buy rating with a $98.50 price target.

Allspring Global Investments Holdings LLC trimmed its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 27.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 381,154 shares of the financial services provider's stock after selling 142,595 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Wells Fargo & Company were worth $30,710,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $4,512,563,000. Capital Research Global Investors increased its position in 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 purchasing an additional 1,760,484 shares during the period. Legal & General Group Plc increased its position in Wells Fargo & Company by 0.9% during 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 purchasing an additional 188,186 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings 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 worth $1,922,257,000 after purchasing an additional 2,369,260 shares in the last quarter. Finally, Boston Partners lifted its position in shares of Wells Fargo & Company by 5.2% in the 4th quarter. Boston Partners now owns 9,606,215 shares of the financial services provider's stock worth $895,466,000 after purchasing an additional 477,745 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Up 0.0%

Wells Fargo & Company stock opened at $87.52 on Monday. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The company has a market capitalization of $267.82 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 0.96 and a beta of 0.92. The business's fifty day simple moving average is $81.44 and its two-hundred day simple moving average is $83.69. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a $0.45 dividend. The ex-dividend date was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. Wells Fargo & Company's payout ratio is presently 26.16%.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research reports. Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Barclays cut their price objective on Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 15th. KGI Securities downgraded Wells Fargo & Company to a "hold" rating in a report on Thursday, April 16th. UBS Group decreased their target price on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods dropped their price target on 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. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.50.

Trending Headlines about Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo reported stronger-than-expected Q2 results, with adjusted EPS of $1.96 topping Wall Street’s $1.72 estimate, driven by higher fee income, investment banking activity and net interest income. Wells Fargo CEO Says America Is Still Spending Big—Even With Inflation Concerns
• Positive Sentiment: Wells Fargo was upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about its earnings outlook and adding another bullish signal for investors. Wells Fargo (WFC) Upgraded to Buy: Here's What You Should Know
• Positive Sentiment: Analysts remain constructive after the bank’s earnings beat, with industry commentary highlighting strong Q2 performance across major banks including Wells Fargo. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo also appeared in commentary noting that big bank earnings beat estimates, but some of the profit strength came from lower loan-loss reserves, which may be less repeatable going forward. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo’s housing-market index showed weaker homebuilder confidence in July, a modest macroeconomic headwind for the bank’s mortgage-related business. U.S. Homebuilder Confidence Unexpectedly Deteriorates In July

About Wells Fargo & Company

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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