Bank of America Corp DE Trims Stake in Wpp Plc $WPP

Key Points

• Bank of America cut its WPP stake by 68.4% in the first quarter, selling 249,184 shares and retaining 114,887 shares valued at approximately $1.8 million.
• WPP shares opened at $24.08, trading between a 52-week range of $14.81 to $27.78; institutional investors collectively own 4.34% of the company.
• Analyst sentiment is mixed, with two Buy, three Hold and two Sell ratings, resulting in a consensus rating of Hold.

Bank of America Corp DE lowered its holdings in Wpp Plc (NYSE:WPP - Free Report) by 68.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 114,887 shares of the business services provider's stock after selling 249,184 shares during the period. Bank of America Corp DE owned approximately 0.05% of WPP worth $1,786,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new stake in shares of WPP during the 3rd quarter worth $28,000. Osaic Holdings Inc. increased its stake in WPP by 105.8% in the second quarter. Osaic Holdings Inc. now owns 1,395 shares of the business services provider's stock valued at $49,000 after acquiring an additional 717 shares during the last quarter. Global Retirement Partners LLC raised its position in WPP by 1,279.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,821 shares of the business services provider's stock valued at $41,000 after purchasing an additional 1,689 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of WPP by 184.5% during the 4th quarter. Farther Finance Advisors LLC now owns 1,889 shares of the business services provider's stock valued at $42,000 after purchasing an additional 1,225 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its holdings in shares of WPP by 455.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,318 shares of the business services provider's stock valued at $52,000 after buying an additional 1,901 shares in the last quarter. 4.34% of the stock is owned by hedge funds and other institutional investors.

WPP Price Performance

WPP opened at $24.08 on Thursday. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.87 and a quick ratio of 0.89. Wpp Plc has a 52-week low of $14.81 and a 52-week high of $27.78. The stock's 50 day moving average price is $21.58 and its 200-day moving average price is $18.98.

WPP Cuts Dividend

The business also recently declared a dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be paid a $0.5052 dividend. This represents a yield of 390.0%. The ex-dividend date of this dividend is Friday, October 9th.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on WPP. Berenberg Bank began coverage on WPP in a research note on Tuesday, June 9th. They issued a "buy" rating for the company. Rothschild & Co Redburn began coverage on shares of WPP in a research note on Thursday, May 28th. They set a "buy" rating on the stock. Citigroup restated a "neutral" rating on shares of WPP in a report on Monday, August 10th. The Goldman Sachs Group began coverage on shares of WPP in a research note on Wednesday, June 3rd. They issued a "sell" rating for the company. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of WPP in a report on Tuesday, June 16th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold".

WPP Company Profile

WPP plc NYSE: WPP is a British multinational advertising and public relations company headquartered in London, England. Recognized as one of the world's largest communications services groups, WPP provides a wide array of marketing, advertising, media investment management and data consultancy services. Through its integrated network of agencies—among them Ogilvy, Grey, GroupM and Wavemaker—the company delivers creative content, brand strategy, digital transformation and media planning solutions to clients across virtually every industry.

Established in 1971 by Martin Sorrell as Wire and Plastic Products, the firm underwent a strategic transformation in the 1980s, focusing on acquisitions that expanded its capabilities into advertising and communications.

Want to see what other hedge funds are holding WPP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wpp Plc (NYSE:WPP - 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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source