Alpine Woods Capital Investors LLC Decreases Stock Position in Wells Fargo & Company $WFC

Key Points

• Alpine Woods Capital Investors LLC decreased its holdings in Wells Fargo by 2.3%, selling 5,000 shares, which now represent 4.1% of its portfolio valued at approximately $17.08 million.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45 per share, yielding 2.3%, with a payout ratio of 30.82%.
• Analysts have mixed views on Wells Fargo, with a consensus rating of "Moderate Buy" and a price target of $85.41 from various firms, highlighting both upgrades and downgrades in recent assessments.

Alpine Woods Capital Investors LLC trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 213,191 shares of the financial services provider's stock after selling 5,000 shares during the period. Wells Fargo & Company accounts for 4.1% of Alpine Woods Capital Investors LLC's portfolio, making the stock its 2nd largest holding. Alpine Woods Capital Investors LLC's holdings in Wells Fargo & Company were worth $17,081,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of WFC. Brighton Jones LLC increased its holdings in Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Wells Fargo & Company by 296.5% in the 1st quarter. Harbor Capital Advisors Inc. now owns 686 shares of the financial services provider's stock worth $49,000 after buying an additional 513 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Wells Fargo & Company by 11.3% in the 1st quarter. GAMMA Investing LLC now owns 47,264 shares of the financial services provider's stock worth $3,393,000 after buying an additional 4,786 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth $43,000. Finally, Dynamic Advisor Solutions LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth $2,252,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Raymond James Financial cut shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Finally, Weiss Ratings raised shares of Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a research note on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.41.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $78.92 on Tuesday. The stock has a market cap of $252.80 billion, a price-to-earnings ratio of 13.51, a price-to-earnings-growth ratio of 1.25 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $86.65. The firm has a 50-day moving average of $80.66 and a two-hundred day moving average of $76.61.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate 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%. The company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 EPS. On average, research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio 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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.