Fort Washington Investment Advisors Inc. OH Reduces Position in Wells Fargo & Company $WFC

Key Points

• Fort Washington Investment Advisors Inc. OH reduced its position in Wells Fargo & Company by 10.4%, holding 1,053,731 shares worth approximately $84.4 million after selling 122,111 shares.
• Wells Fargo recently announced a quarterly dividend increase to $0.45 per share, up from $0.40, translating to an annualized yield of 2.1%.
• The company reported EPS of $1.54 for the latest quarter, surpassing expectations by $0.13, with revenues up 0.6% year-over-year.

Fort Washington Investment Advisors Inc. OH trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 10.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,053,731 shares of the financial services provider's stock after selling 122,111 shares during the period. Fort Washington Investment Advisors Inc. OH's holdings in Wells Fargo & Company were worth $84,425,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in WFC. CBIZ Investment Advisory Services LLC lifted its stake in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 322 shares during the period. Motco raised its position in 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 period. Accent Capital Management LLC acquired a new position in Wells Fargo & Company during the first quarter worth $29,000. 1248 Management LLC acquired a new position in Wells Fargo & Company during the first quarter worth $31,000. Finally, Stone House Investment Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth $34,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $85.01 on Friday. The firm has a market capitalization of $272.32 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.31 and a beta of 1.25. Wells Fargo & Company has a 52 week low of $54.40 and a 52 week high of $86.65. 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 firm's 50 day moving average is $80.84 and its two-hundred day moving average is $75.91.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results 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. The company 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 firm's revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.33 earnings per share. Research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced 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. 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 payout ratio is 30.82%.

Analyst Ratings Changes

WFC has been the subject of a number of research reports. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Finally, Morgan Stanley increased their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.97.

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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