First Citizens Bank & Trust Co. Has $2.26 Million Holdings in Wells Fargo & Company $WFC

Key Points

• First Citizens Bank & Trust Co. reduced its holdings in Wells Fargo by 22.9% in the 2nd quarter, holding 28,257 shares valued at approximately $2.26 million.
• Wells Fargo reported earnings of $1.66 EPS for the quarter, exceeding analyst expectations and showing a revenue increase of 5.3% compared to the previous year.
• The bank recently declared a quarterly dividend of $0.45 per share, reflecting an increase from the previous dividend and resulting in a 2.1% dividend yield.

First Citizens Bank & Trust Co. decreased its position in Wells Fargo & Company (NYSE:WFC) by 22.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,257 shares of the financial services provider's stock after selling 8,375 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Wells Fargo & Company were worth $2,264,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Wealth Management Partners LLC grew its stake in shares of Wells Fargo & Company by 3.5% in the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock valued at $313,000 after buying an additional 128 shares in the last quarter. Verum Partners LLC grew its stake in shares of Wells Fargo & Company by 1.8% in the 2nd 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 in the last quarter. Motive Wealth Advisors grew its stake in shares of Wells Fargo & Company by 3.7% in the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock valued at $293,000 after buying an additional 129 shares in the last quarter. Exencial Wealth Advisors LLC grew its stake in shares of Wells Fargo & Company by 0.7% in the 2nd quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider's stock valued at $1,443,000 after buying an additional 131 shares in the last quarter. Finally, Vivid Wealth Management LLC grew its stake in shares of Wells Fargo & Company by 0.8% in the 2nd quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider's stock valued at $1,381,000 after buying an additional 133 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Truist Financial boosted their price target on Wells Fargo & Company from $88.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, October 15th. Dbs Bank raised Wells Fargo & Company to a "moderate buy" rating in a research note on Tuesday. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, October 15th. Cfra Research upgraded Wells Fargo & Company to a "moderate buy" rating in a report on Wednesday, October 15th. Finally, Morgan Stanley boosted their target price on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and an average target price of $89.57.

Wells Fargo & Company Stock Up 0.6%

WFC opened at $84.35 on Friday. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47. The firm has a market cap of $270.22 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 1.15 and a beta of 1.25. The business has a 50 day moving average price of $81.71 and a 200 day moving average price of $77.44. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping analysts' consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The company had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same period in the previous year, the company earned $1.42 earnings per share. The company's quarterly revenue was up 5.3% compared to the same quarter last year. Research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio is presently 29.61%.

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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