DCM Advisors LLC Lowers Position in Wells Fargo & Company $WFC

Key Points

• DCM Advisors LLC reduced its stake in Wells Fargo & Company by 4.9%, now holding 111,284 shares valued at approximately $7.93 million.
• Several institutional investors, including Woodline Partners LP and Empowered Funds LLC, increased their stakes in Wells Fargo during the first quarter, showing strong interest from the investment community.
• Wells Fargo recently raised its quarterly dividend to $0.45 per share, reflecting an annual dividend yield of 2.3% and enhancing its position for investors.

DCM Advisors LLC trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 111,284 shares of the financial services provider's stock after selling 5,677 shares during the quarter. Wells Fargo & Company accounts for about 4.2% of DCM Advisors LLC's holdings, making the stock its 9th largest position. DCM Advisors LLC's holdings in Wells Fargo & Company were worth $7,929,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Woodline Partners LP increased its stake in Wells Fargo & Company by 39.0% in the 1st quarter. Woodline Partners LP now owns 277,863 shares of the financial services provider's stock worth $19,948,000 after acquiring an additional 77,913 shares during the last quarter. Semmax Financial Advisors Inc. boosted its holdings in Wells Fargo & Company by 3.2% during the 1st quarter. Semmax Financial Advisors Inc. now owns 84,142 shares of the financial services provider's stock valued at $6,096,000 after acquiring an additional 2,583 shares during the period. Empowered Funds LLC boosted its holdings in Wells Fargo & Company by 25.5% during the 1st quarter. Empowered Funds LLC now owns 238,824 shares of the financial services provider's stock valued at $17,145,000 after acquiring an additional 48,494 shares during the period. MBB Public Markets I LLC purchased a new stake in Wells Fargo & Company during the 1st quarter valued at about $326,000. Finally, RNC Capital Management LLC boosted its holdings in Wells Fargo & Company by 32.6% during the 1st quarter. RNC Capital Management LLC now owns 58,953 shares of the financial services provider's stock valued at $4,232,000 after acquiring an additional 14,477 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on WFC. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Truist Financial raised their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. The Goldman Sachs Group reduced their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Finally, Bank of America raised their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average target price of $82.56.

Wells Fargo & Company Stock Up 0.3%

Shares of Wells Fargo & Company stock opened at $79.21 on Tuesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a 1 year low of $50.22 and a 1 year high of $84.83. The firm's 50-day moving average is $80.52 and its two-hundred day moving average is $75.01. The stock has a market cap of $253.73 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.23 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 EPS for the quarter, beating 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 firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period last year, the firm posted $1.33 EPS. Wells Fargo & Company's revenue was up .6% on a year-over-year basis. As a group, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. 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. Wells Fargo & Company's dividend payout ratio is 30.82%.

Wells Fargo & Company 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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