Fred Alger Management LLC Cuts Stock Position in Wells Fargo & Company $WFC

Key Points

• Fred Alger Management LLC reduced its stake in Wells Fargo & Company by 14.4%, selling 62,617 shares during the first quarter, leaving it with 370,744 shares valued at approximately $26.6 million.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45, yielding 2.3% annually.
• The company's stock has a 52-week range between $50.22 and $84.83, and it opened at $78.98, reflecting a 3.5% decline on a recent trading day.

Fred Alger Management LLC reduced its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 14.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 370,744 shares of the financial services provider's stock after selling 62,617 shares during the period. Fred Alger Management LLC's holdings in Wells Fargo & Company were worth $26,616,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter worth approximately $29,000. Motco boosted its stake in shares of Wells Fargo & Company by 397.6% in 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. Stone House Investment Management LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter worth approximately $34,000. Orion Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $35,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in shares of Wells Fargo & Company in the first quarter worth approximately $36,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 0.3%

NYSE:WFC traded up $0.25 on Monday, reaching $79.21. The company's stock had a trading volume of 17,105,057 shares, compared to its average volume of 12,669,898. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. 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 has a market cap of $253.73 billion, a price-to-earnings ratio of 13.56, a price-to-earnings-growth ratio of 1.23 and a beta of 1.25. The stock has a 50 day moving average price of $80.52 and a 200 day moving average price of $75.01.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its 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. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter in the previous year, the business earned $1.33 earnings per share. The company's revenue for the quarter was up .6% on a year-over-year basis. On average, equities analysts anticipate 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. Shareholders of record on Friday, August 8th were given a $0.45 dividend. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 30.82%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WFC. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. The Goldman Sachs Group lowered their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Finally, Truist Financial upped their price objective on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $82.56.

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.