Crossmark Global Holdings Inc. Sells 15,422 Shares of Wells Fargo & Company $WFC

Key Points

• Crossmark Global Holdings reduced its Wells Fargo stake by 3.2%, selling 15,422 shares and retaining 468,019 shares valued at approximately $38.7 million. Institutional investors and hedge funds own 75.9% of WFC.
• Analysts maintain a generally positive outlook, with Wells Fargo carrying a consensus “Moderate Buy” rating and an average price target of $98.61.
• Wells Fargo reported stronger-than-expected quarterly results, including $1.96 in EPS and $22.62 billion in revenue, and raised its quarterly dividend from $0.45 to $0.50 per share.

Crossmark Global Holdings Inc. reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 3.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 468,019 shares of the financial services provider's stock after selling 15,422 shares during the period. Crossmark Global Holdings Inc.'s holdings in Wells Fargo & Company were worth $38,677,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. acquired a new position in Wells Fargo & Company in the fourth quarter valued at about $25,000. Miller Capital Partners Inc. bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $26,000. Joseph Group Capital Management acquired a new stake in Wells Fargo & Company during the 4th quarter worth approximately $28,000. Finally, Phillip James Consulting Co. bought a new position in Wells Fargo & Company during the 1st quarter worth about $28,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on WFC shares. Robert W. Baird boosted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. UBS Group lowered their price target on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Bank of America increased their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods decreased their price target on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 15th. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Stock Up 0.7%

Wells Fargo & Company stock opened at $88.74 on Friday. The firm has a market capitalization of $268.34 billion, a price-to-earnings ratio of 12.90, a P/E/G ratio of 0.96 and a beta of 0.92. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The firm has a 50 day simple moving average of $85.73 and a 200 day simple moving average of $83.10. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

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

Wells Fargo & Company Increases Dividend

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

More Wells Fargo & Company News

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

• Positive Sentiment: Wells Fargo declared quarterly cash dividends on six series of preferred stock. The announcement provides clarity for income-focused investors and signals that the bank continues to support its preferred-capital structure. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Positive Sentiment: Recent analysis suggests WFC could be about 10% undervalued despite strong gains over the past three months, supporting the view that valuation may still leave room for additional appreciation. Wells Fargo Could Be 10% Undervalued After Preferred Dividend Declaration
• Positive Sentiment: Investors have been rotating from weaker-performing artificial-intelligence stocks into financials, creating a favorable sector backdrop for Wells Fargo and other banks. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s latest earnings exceeded expectations, with $1.96 in earnings per share and $22.62 billion in revenue, while revenue grew 8.6% year over year. Analysts continue to focus on potential net-interest-income growth, asset-cap removal and increased capital returns. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Neutral Sentiment: The bank is expanding its post-asset-cap strategy through tokenized deposits for corporate clients and new long-term debt and depositary-share offerings. The initiatives could improve payment capabilities and investment capacity, but their financial impact remains uncertain. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?
• Negative Sentiment: After a roughly 20% three-month advance, valuation and profit-taking risks could limit near-term upside, making investors more sensitive to execution on growth and regulatory milestones. Why Is Wells Fargo Up Since Last Earnings Report?

Wells Fargo & 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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