Bridges Investment Management Inc. Sells 27,150 Shares of Wells Fargo & Company $WFC

Key Points

• Bridges Investment Management Inc. sold 27,150 shares of Wells Fargo & Company, reducing its stake by 4% to 651,917 shares valued at $52.23 million as of the latest SEC filing.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45 per share, representing an annual yield of 2.1%.
• The company reported an EPS of $1.54 for the last quarter, exceeding analyst expectations and indicating a 0.6% revenue increase year-over-year.

Bridges Investment Management Inc. trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 4.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 651,917 shares of the financial services provider's stock after selling 27,150 shares during the quarter. Bridges Investment Management Inc.'s holdings in Wells Fargo & Company were worth $52,232,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WFC. Wealth Management Partners LLC raised its position in shares of Wells Fargo & Company by 3.5% in the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock worth $313,000 after acquiring an additional 128 shares in the last quarter. Verum Partners LLC raised its position in shares of Wells Fargo & Company by 1.8% in the 2nd quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock worth $582,000 after acquiring an additional 128 shares in the last quarter. Motive Wealth Advisors grew its stake in shares of Wells Fargo & Company by 3.7% in the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock worth $293,000 after buying an additional 129 shares during the last quarter. Vivid Wealth Management LLC grew its stake in shares of Wells Fargo & Company by 0.8% in the 2nd quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider's stock worth $1,381,000 after buying an additional 133 shares during the last quarter. Finally, Lynch & Associates IN grew its stake in shares of Wells Fargo & Company by 2.0% in the 2nd quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider's stock worth $539,000 after buying an additional 135 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $86.42 on Thursday. The business's fifty day simple moving average is $80.97 and its two-hundred day simple moving average is $76.74. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $87.47. The company has a market cap of $276.83 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 1.37 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period last year, the business posted $1.33 EPS. The company's revenue was up .6% compared to the same quarter last year. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a dividend of $0.45 per share. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WFC. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday. Evercore ISI upped their price target on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 30th. Phillip Securities downgraded Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Bank of America upped their price target on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Truist Financial upped their price target on Wells Fargo & Company from $88.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.