Farmers & Merchants Investments Inc. Trims Position in Wells Fargo & Company $WFC

Key Points

• Farmers & Merchants Investments Inc. sold 4,919 shares of Wells Fargo, reducing its holdings by 2.7% during the second quarter, now owning 174,622 shares valued at approximately $13.99 million.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45, yielding 2.1%, with a current payout ratio of 30.82%.
• Analysts have an average rating of "Moderate Buy" for Wells Fargo shares, with ten analysts recommending a buy and a consensus target price of $82.56.

Farmers & Merchants Investments Inc. trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 2.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 174,622 shares of the financial services provider's stock after selling 4,919 shares during the quarter. Farmers & Merchants Investments Inc.'s holdings in Wells Fargo & Company were worth $13,991,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. CBIZ Investment Advisory Services LLC lifted its stake in Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after buying an additional 322 shares in the last quarter. Motco raised its position in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after acquiring an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $29,000. 1248 Management LLC bought a new stake in shares of Wells Fargo & Company during the first quarter worth about $31,000. Finally, Stone House Investment Management LLC bought a new position in shares of Wells Fargo & Company in the first quarter valued at approximately $34,000. Institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

WFC has been the topic of a number of research analyst reports. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Truist Financial upped their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Bank of America increased their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $82.56.

Wells Fargo & Company Stock Up 0.6%

Wells Fargo & Company stock traded up $0.53 during midday trading on Monday, reaching $85.17. The stock had a trading volume of 14,543,087 shares, compared to its average volume of 14,401,850. The company has a market capitalization of $272.85 billion, a P/E ratio of 14.58, 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 12 month low of $53.31 and a 12 month high of $85.28. The company has a fifty day moving average price of $80.47 and a two-hundred day moving average price of $75.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion during 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 business's revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 EPS. As a group, equities 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. Investors of record on Friday, August 8th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company's payout ratio is currently 30.82%.

About Wells Fargo & Company

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.