Cardinal Capital Management Inc. Cuts Position in Wells Fargo & Company $WFC

Key Points

• Cardinal Capital Management Inc. reduced its stake in Wells Fargo & Company by 4.1%, selling 22,980 shares during the 2nd quarter, now holding a total of 532,402 shares worth approximately $42.66 million.
• Wells Fargo reported impressive quarterly earnings with a EPS of $1.54, surpassing analysts' expectations of $1.41, and revenue reaching $20.82 billion for the quarter.
• The company announced an increase in its quarterly dividend to $0.45 per share, reflecting a 2.1% yield and demonstrating a positive change from the previous dividend of $0.40.

Cardinal Capital Management Inc. cut its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 532,402 shares of the financial services provider's stock after selling 22,980 shares during the period. Wells Fargo & Company makes up about 1.3% of Cardinal Capital Management Inc.'s investment portfolio, making the stock its 21st largest holding. Cardinal Capital Management Inc.'s holdings in Wells Fargo & Company were worth $42,656,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Accretive Wealth Partners LLC purchased a new position in Wells Fargo & Company in the 1st quarter worth about $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of Wells Fargo & Company by 10.4% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock valued at $54,471,000 after purchasing an additional 71,740 shares during the period. Secured Retirement Advisors LLC acquired a new position in Wells Fargo & Company during the first quarter worth $408,000. RKL Wealth Management LLC raised its position in Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after acquiring an additional 5,113 shares during the period. Finally, Allianz SE grew its holdings in shares of Wells Fargo & Company by 22.6% during the first quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after buying an additional 39,150 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Up 1.3%

NYSE WFC traded up $1.11 during trading hours on Friday, hitting $84.61. 36,444,763 shares of the company's stock were exchanged, compared to its average volume of 14,401,850. The firm has a market cap of $271.04 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 1.31 and a beta of 1.25. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1-year low of $53.31 and a 1-year high of $84.93. The stock has a 50-day simple moving average of $80.44 and a 200 day simple moving average of $75.38.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period in the previous year, the business earned $1.33 earnings per share. The firm's quarterly revenue was up .6% compared to the same quarter last year. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Wall Street Analysts Forecast Growth

WFC has been the topic of several research reports. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. The Goldman Sachs Group lowered their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Truist Financial lifted their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Finally, Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.56.

Wells Fargo & 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.