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C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Decreases Stake in Wells Fargo & Company (NYSE:WFC)

Wells Fargo & Company logo with Finance background

Key Points

  • C2P Capital Advisory Group LLC reduced its stake in Wells Fargo & Company (NYSE:WFC) by 65.7%, owning 4,227 shares worth approximately $301,000 after selling 8,095 shares in the first quarter.
  • Wells Fargo reported a quarterly earnings per share of $1.54, surpassing analysts' expectations of $1.41, with revenue of $20.82 billion, indicating a slight increase from the previous year.
  • The Board of Directors has initiated a $40 billion share buyback plan, reflecting confidence in the stock's value, alongside a quarterly dividend increase to $0.45 per share.
  • Want stock alerts on Wells Fargo & Company? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lessened its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 65.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,227 shares of the financial services provider's stock after selling 8,095 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors' holdings in Wells Fargo & Company were worth $301,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $28,000. Motco raised its position in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth approximately $29,000. Parvin Asset Management LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $32,000. Finally, Dunhill Financial LLC raised its position in shares of Wells Fargo & Company by 63.7% during the 4th quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after purchasing an additional 193 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 2.9%

Wells Fargo & Company stock traded down $2.32 during trading on Friday, reaching $77.09. 15,374,441 shares of the company's stock were exchanged, compared to its average volume of 15,525,808. The company's 50-day moving average is $79.21 and its two-hundred day moving average is $74.99. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 52-week low of $50.22 and a 52-week high of $84.83. The firm has a market cap of $246.95 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 1.24 and a beta of 1.20.

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

Wells Fargo & Company Increases Dividend

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

Wells Fargo & Company announced that its Board of Directors has authorized a share repurchase program on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages recently issued reports on WFC. Morgan Stanley lifted their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Bank of America lifted their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average target price of $80.39.

Read Our Latest Stock Report on Wells Fargo & Company

Wells Fargo & Company Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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