Burney Co. Sells 42,837 Shares of Wells Fargo & Company $WFC

Key Points

• Burney Co. cut its Wells Fargo position by 44% in the second quarter, selling 42,837 shares and retaining 54,481 shares valued at approximately $4.5 million. Institutional investors collectively own 75.9% of WFC.
• Analysts maintain a generally positive outlook, with Wells Fargo receiving a consensus “Moderate Buy” rating and an average price target of $98.61, above its reported trading price of $88.13.
• Wells Fargo exceeded quarterly earnings and revenue expectations, reporting $1.96 in earnings per share and $22.62 billion in revenue. The bank also raised its quarterly dividend to $0.50 per share, implying a 2.3% yield.

Burney Co. lowered its position in Wells Fargo & Company (NYSE:WFC) by 44.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,481 shares of the financial services provider's stock after selling 42,837 shares during the period. Burney Co.'s holdings in Wells Fargo & Company were worth $4,502,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of WFC. Norges Bank acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $4,512,563,000. Amundi grew its holdings in Wells Fargo & Company by 73.0% in the first quarter. Amundi now owns 16,463,550 shares of the financial services provider's stock worth $1,310,663,000 after purchasing an additional 6,944,316 shares during the last quarter. Mawer Investment Management Ltd. increased its position in shares of Wells Fargo & Company by 177.7% during the fourth quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider's stock worth $454,455,000 after purchasing an additional 3,120,399 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Wells Fargo & Company by 13.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider's stock worth $1,922,257,000 after purchasing an additional 2,369,260 shares in the last quarter. Finally, PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $173,651,000. Institutional investors own 75.90% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Sunday, June 14th. KGI Securities lowered Wells Fargo & Company to a "hold" rating in a research report on Thursday, April 16th. Truist Financial increased their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Finally, UBS Group dropped their price target on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.61.

Wells Fargo & Company Trading Down 0.9%

NYSE:WFC opened at $88.13 on Friday. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The firm has a fifty day simple moving average of $85.60 and a 200-day simple moving average of $83.06. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $266.51 billion, a P/E ratio of 12.81, a PEG ratio of 0.97 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same period in the previous year, the company earned $1.60 earnings per share. The business's quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, August 7th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.07%.

Wells Fargo & Company News Summary

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

• Positive Sentiment: Investors have been rotating from high-flying artificial-intelligence stocks into financial shares, creating broader momentum for banks such as Wells Fargo. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s investment case is strengthened by the expected removal of its asset cap, potential net-interest-income growth and shareholder capital returns. The stock has gained 20.5% over three months, though investors are evaluating whether that momentum can continue. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Positive Sentiment: The bank’s tokenized-deposit launch for corporate and commercial clients could expand payment and settlement capabilities, while new debt and preferred-share offerings support its broader post-asset-cap investment strategy. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?

Wells Fargo & Company 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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