DAVENPORT & Co LLC Trims Stock Position in Wells Fargo & Company $WFC

Key Points

• DAVENPORT & Co LLC reduced its stake in Wells Fargo by 0.6%, holding 1,120,935 shares worth approximately $89.6 million as of the second quarter.
• Wells Fargo recently increased its quarterly dividend to $0.45 per share, representing an annualized dividend yield of 2.2% and a payout ratio of 30.82%.
• Wells Fargo's stock received a mixed response from analysts, with an average rating of "Moderate Buy" and a price target of $83.74, reflecting cautious optimism about its performance.

DAVENPORT & Co LLC lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,120,935 shares of the financial services provider's stock after selling 6,201 shares during the period. DAVENPORT & Co LLC's holdings in Wells Fargo & Company were worth $89,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in WFC. Wealth Management Partners LLC grew its holdings in shares of Wells Fargo & Company by 3.5% during the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock worth $313,000 after purchasing an additional 128 shares during the period. Verum Partners LLC lifted its position in Wells Fargo & Company by 1.8% in the second quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock valued at $582,000 after buying an additional 128 shares during the last quarter. Motive Wealth Advisors boosted its stake in Wells Fargo & Company by 3.7% during the second 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 period. Lynch & Associates IN increased its position in shares of Wells Fargo & Company by 2.0% during the second quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider's stock valued at $539,000 after acquiring an additional 135 shares during the last quarter. Finally, Financial Management Professionals Inc. lifted its holdings in shares of Wells Fargo & Company by 19.3% in the 2nd quarter. Financial Management Professionals Inc. now owns 854 shares of the financial services provider's stock worth $68,000 after acquiring an additional 138 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 0.2%

NYSE WFC opened at $80.63 on Monday. Wells Fargo & Company has a 52 week low of $55.98 and a 52 week high of $86.65. The firm has a 50 day moving average of $80.77 and a two-hundred day moving average of $76.33. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $258.28 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.24 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company's revenue was up .6% on a year-over-year basis. During the same period last year, the business earned $1.33 EPS. As a group, research analysts expect 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 given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is currently 30.82%.

Wall Street Analysts Forecast Growth

WFC has been the subject of several research analyst reports. Evercore ISI raised their price target on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 30th. Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Weiss Ratings reissued a "hold (c)" rating on shares of Wells Fargo & Company in a research note on Saturday, September 27th. Finally, Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and an average price target of $83.74.

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.

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