Assetmark Inc. Sells 32,353 Shares of Wells Fargo & Company $WFC

Key Points

• Assetmark Inc. trimmed its Wells Fargo stake by 2.9% in the first quarter, selling 32,353 shares and leaving it with 1,064,434 shares worth about $84.74 million.
• Wells Fargo posted solid quarterly results, reporting $1.60 EPS versus estimates of $1.58 and 6.4% year-over-year revenue growth, while analysts expect full-year EPS of 7.02.
• The bank continues to return capital to shareholders, with a recent $0.45 quarterly dividend and plans to raise its third-quarter common dividend by 11% to $0.50 per share; analysts currently have a Moderate Buy consensus and a $98.50 average price target.

Assetmark Inc. lessened its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 2.9% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,064,434 shares of the financial services provider's stock after selling 32,353 shares during the quarter. Assetmark Inc.'s holdings in Wells Fargo & Company were worth $84,740,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Diversified Trust Co. increased its stake in shares of Wells Fargo & Company by 59.7% in the fourth quarter. Diversified Trust Co. now owns 35,285 shares of the financial services provider's stock valued at $3,289,000 after buying an additional 13,196 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Wells Fargo & Company by 19.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 532,300 shares of the financial services provider's stock valued at $49,610,000 after acquiring an additional 84,902 shares during the period. Swiss Life Asset Management Ltd boosted its position in shares of Wells Fargo & Company by 4.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider's stock worth $32,673,000 after purchasing an additional 14,168 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in Wells Fargo & Company by 4.4% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider's stock worth $38,446,000 after acquiring an additional 17,302 shares in the last quarter. Finally, Winning Points Advisors LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $3,384,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $87.89 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The firm's fifty day moving average price is $81.20 and its 200-day moving average price is $83.74. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The stock has a market cap of $268.98 billion, a P/E ratio of 12.78, a price-to-earnings-growth ratio of 1.00 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. During the same period in the previous year, the business posted $1.39 EPS. The business's quarterly revenue was up 6.4% on a year-over-year basis. On average, equities research analysts expect that Wells Fargo & Company will post 7.02 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a $0.45 dividend. The ex-dividend date was Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.0%. Wells Fargo & Company's dividend payout ratio (DPR) is 26.16%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of Wells Fargo & Company in a research report on Thursday, March 26th. They set a "buy" rating and a $100.00 target price on the stock. KGI Securities downgraded Wells Fargo & Company to a "hold" rating in a research note on Thursday, April 16th. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Sunday, June 14th. UBS Group decreased their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average price target of $98.50.

Wells Fargo & Company News Summary

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

• Positive Sentiment: Wells Fargo’s Q2 results topped expectations, helped by stronger lending activity, higher net interest income, and solid fee growth, which has reinforced the view that the bank is benefiting from a supportive operating backdrop. Wells Fargo (WFC) Had a Better Q2 than the Market Expected
• Positive Sentiment: The company also announced plans to increase its third-quarter common dividend by 11% to $0.50 per share, reinforcing capital-return appeal for income-focused investors. Wells Fargo intends to hike Q3 common stock dividend by 11% to $0.50
• Positive Sentiment: Several analysts remain upbeat, with one reiterating a Buy rating and keeping a $102 price target, citing re-rating potential after the earnings beat. Wells Fargo: Buy Rating Reiterated as Analyst Sees Re-Rating Potential and Keeps $102 Price Target Unchanged

Wells Fargo & Company Profile

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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