Allspring Global Investments Holdings LLC Trims Stock Holdings in Wells Fargo & Company $WFC

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in Wells Fargo by 8.1% in Q2, holding a total of 328,672 shares valued at $26,783,000.
• Wells Fargo's stock recently experienced a 2.9% decrease, with its 52-week trading range between $58.42 and $87.47, and a current price of $83.97.
• The company announced an increase in its quarterly dividend from $0.40 to $0.45, yielding an annualized dividend of $1.80 at a rate of 2.1%.

Allspring Global Investments Holdings LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 8.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 328,672 shares of the financial services provider's stock after selling 29,086 shares during the period. Allspring Global Investments Holdings LLC's holdings in Wells Fargo & Company were worth $26,783,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Accretive Wealth Partners LLC purchased a new position in Wells Fargo & Company in the 1st quarter valued at approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. grew its stake in Wells Fargo & Company by 10.4% in the 1st 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 buying an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC purchased a new position in Wells Fargo & Company in the 1st quarter valued at approximately $408,000. RKL Wealth Management LLC grew its stake in Wells Fargo & Company by 166.4% in the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after buying an additional 5,113 shares in the last quarter. Finally, Three Bridge Wealth Advisors LLC purchased a new position in Wells Fargo & Company in the 2nd quarter valued at approximately $364,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WFC has been the subject of a number of recent analyst reports. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Truist Financial boosted their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday. Citigroup boosted their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, September 23rd. Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Finally, UBS Group reduced their price target on shares of Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating for the company in a research report on Tuesday, October 7th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $89.57.

Wells Fargo & Company Stock Down 2.9%

Shares of NYSE:WFC opened at $83.97 on Friday. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $87.47. The firm has a fifty day moving average of $81.10 and a 200 day moving average of $76.82. The firm has a market capitalization of $268.99 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.39 and a beta of 1.25. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period in the previous year, the business earned $1.33 earnings per share. The firm's quarterly revenue was up .6% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 30.82%.

Wells Fargo & 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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