Asset Management One Co. Ltd. Decreases Stock Position in Wells Fargo & Company $WFC

Key Points

• Asset Management One Co. Ltd. decreased its stock position in Wells Fargo by 2.1%, holding 1,368,030 shares valued at $109.6 million after selling 29,561 shares in the second quarter.
• Wells Fargo reported strong earnings of $1.66 per share for the last quarter, surpassing analysts' expectations of $1.55, with a revenue of $21.44 billion.
• The company has recently increased its quarterly dividend to $0.45 per share, reflecting a positive change from the previous $0.40 dividend.

Asset Management One Co. Ltd. reduced its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 2.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,368,030 shares of the financial services provider's stock after selling 29,561 shares during the period. Asset Management One Co. Ltd.'s holdings in Wells Fargo & Company were worth $109,607,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $395,000. Cardinal Point Capital Management ULC purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $375,000. Avion Wealth raised its holdings in Wells Fargo & Company by 49.7% in the 2nd quarter. Avion Wealth now owns 12,411 shares of the financial services provider's stock worth $994,000 after acquiring an additional 4,123 shares during the last quarter. Silver Oak Advisory Group Inc. purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $590,000. Finally, FSM Wealth Advisors LLC purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $259,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC opened at $84.35 on Friday. The firm has a market cap of $270.22 billion, a PE ratio of 13.87, a P/E/G ratio of 1.15 and a beta of 1.25. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The firm has a fifty day simple moving average of $81.71 and a two-hundred day simple moving average of $77.44. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $87.47.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, beating analysts' consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same period in the previous year, the business earned $1.42 EPS. The company's quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is presently 29.61%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a report on Wednesday, October 8th. Cfra Research upgraded shares of Wells Fargo & Company to a "moderate buy" rating in a report on Wednesday, October 15th. Evercore ISI boosted their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an "outperform" rating in a research note on Tuesday, September 30th. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average target price of $89.57.

About Wells Fargo & Company

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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