Benjamin Edwards Inc. Lowers Holdings in Wells Fargo & Company (NYSE:WFC)

Key Points

• Benjamin Edwards Inc. reduced its stake in Wells Fargo by 20.8%, selling 9,708 shares to hold 37,021 shares worth approximately $2.66 million as of its latest SEC filing.
• Wells Fargo announced a quarterly dividend increase to $0.45 per share, with the annualized yield standing at 2.3%.
• Analysts have mixed ratings for Wells Fargo, with a majority issuing a "Moderate Buy" consensus and an average price target of $80.39.

Benjamin Edwards Inc. reduced its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 20.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,021 shares of the financial services provider's stock after selling 9,708 shares during the period. Benjamin Edwards Inc.'s holdings in Wells Fargo & Company were worth $2,658,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in WFC. Brighton Jones LLC grew its position in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after purchasing an additional 25,436 shares in the last quarter. Sagespring Wealth Partners LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth $1,408,000. Bragg Financial Advisors Inc lifted its holdings in shares of Wells Fargo & Company by 7.4% during the 4th quarter. Bragg Financial Advisors Inc now owns 14,008 shares of the financial services provider's stock worth $984,000 after acquiring an additional 969 shares during the last quarter. Savvy Advisors Inc. lifted its holdings in shares of Wells Fargo & Company by 8.6% during the 4th quarter. Savvy Advisors Inc. now owns 11,385 shares of the financial services provider's stock worth $800,000 after acquiring an additional 898 shares during the last quarter. Finally, SageView Advisory Group LLC lifted its holdings in shares of Wells Fargo & Company by 33.5% during the 4th quarter. SageView Advisory Group LLC now owns 14,444 shares of the financial services provider's stock worth $1,015,000 after acquiring an additional 3,626 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 1.9%

Shares of NYSE WFC traded up $1.52 during midday trading on Thursday, hitting $79.41. The stock had a trading volume of 16,049,934 shares, compared to its average volume of 17,416,609. The company has a market cap of $254.37 billion, a P/E ratio of 13.60, a PEG ratio of 1.24 and a beta of 1.20. The business's 50 day moving average is $79.11 and its 200-day moving average is $74.99. Wells Fargo & Company has a 52 week low of $50.22 and a 52 week high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.33 earnings per share. As a group, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its board has authorized a stock buyback program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a $0.45 dividend. The ex-dividend date is Friday, August 8th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.3%. Wells Fargo & Company's payout ratio is 30.82%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. TD Cowen assumed coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective for the company. Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $80.39.

Wells Fargo & Company 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.