Asio Capital LLC Sells 13,278 Shares of Wells Fargo & Company $WFC

Key Points

• Asio Capital reduced its Wells Fargo stake by 23.7% in the second quarter, selling 13,278 shares and retaining 42,740 shares valued at approximately $3.53 million.
• Wells Fargo reported stronger-than-expected quarterly results, with EPS of $1.96 and revenue of $22.62 billion, up 8.6% year over year.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $98.61.

Asio Capital LLC reduced its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 23.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 42,740 shares of the financial services provider's stock after selling 13,278 shares during the quarter. Asio Capital LLC's holdings in Wells Fargo & Company were worth $3,532,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in WFC. Norges Bank acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth $4,512,563,000. Capital Research Global Investors boosted its holdings in shares of 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 worth $3,487,687,000 after buying an additional 1,760,484 shares during the period. Legal & General Group Plc grew its stake in Wells Fargo & Company by 0.9% in 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 buying an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake 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 valued at $1,922,257,000 after buying an additional 2,369,260 shares during the last quarter. Finally, Amundi grew its stake in Wells Fargo & Company by 73.0% in the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider's stock valued at $1,310,663,000 after buying an additional 6,944,316 shares during the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.7%

WFC opened at $88.74 on Friday. The company has a market capitalization of $268.34 billion, a P/E ratio of 12.90, a P/E/G ratio of 0.97 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The firm's fifty day moving average price is $85.73 and its two-hundred day moving average price is $83.10. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period last year, the firm earned $1.60 EPS. The firm's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, August 7th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's payout ratio is currently 29.07%.

Wells Fargo & Company News Roundup

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

• Positive Sentiment: Wells Fargo declared quarterly cash dividends on six series of preferred stock. The announcement provides clarity for income-focused investors and signals that the bank continues to support its preferred-capital structure. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Positive Sentiment: Recent analysis suggests WFC could be about 10% undervalued despite strong gains over the past three months, supporting the view that valuation may still leave room for additional appreciation. Wells Fargo Could Be 10% Undervalued After Preferred Dividend Declaration
• Positive Sentiment: Investors have been rotating from weaker-performing artificial-intelligence stocks into financials, creating a favorable sector backdrop for Wells Fargo and other banks. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s latest earnings exceeded expectations, with $1.96 in earnings per share and $22.62 billion in revenue, while revenue grew 8.6% year over year. Analysts continue to focus on potential net-interest-income growth, asset-cap removal and increased capital returns. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Neutral Sentiment: The bank is expanding its post-asset-cap strategy through tokenized deposits for corporate clients and new long-term debt and depositary-share offerings. The initiatives could improve payment capabilities and investment capacity, but their financial impact remains uncertain. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?
• Negative Sentiment: After a roughly 20% three-month advance, valuation and profit-taking risks could limit near-term upside, making investors more sensitive to execution on growth and regulatory milestones. Why Is Wells Fargo Up Since Last Earnings Report?

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of research analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Keefe, Bruyette & Woods lowered 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. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. boosted their price objective on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Finally, Truist Financial increased their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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