Gabelli Funds LLC Cuts Stock Position in Wells Fargo & Company $WFC

Key Points

• Gabelli Funds LLC reduced its Wells Fargo stake by 4.4% in the first quarter, selling 23,900 shares and leaving it with 525,496 shares valued at about $41.8 million.
• Institutional ownership remains high, with hedge funds and other institutional investors holding 75.9% of Wells Fargo’s stock, and several firms recently increased their positions.
• Analyst sentiment is mixed but positive overall: Wells Fargo has a consensus rating of “Moderate Buy” and an average price target of $98.50, while the stock recently traded at $86.39 and also paid a quarterly dividend of $0.45 per share.

Gabelli Funds LLC lessened its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 525,496 shares of the financial services provider's stock after selling 23,900 shares during the period. Gabelli Funds LLC's holdings in Wells Fargo & Company were worth $41,835,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of WFC. Brighton Jones LLC grew its position in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares in the last quarter. Jump Financial LLC lifted its stake in shares of Wells Fargo & Company by 12.9% in the 2nd quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock valued at $1,835,000 after purchasing an additional 2,615 shares during the last quarter. Main Street Financial Solutions LLC boosted its holdings in shares of Wells Fargo & Company by 111.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock worth $1,122,000 after purchasing an additional 7,368 shares during the period. Vivaldi Capital Management LP boosted its holdings in shares of Wells Fargo & Company by 5.4% in the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after purchasing an additional 165 shares during the period. Finally, Diversify Advisory Services LLC boosted its holdings in shares of Wells Fargo & Company by 51.2% in the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock worth $2,044,000 after purchasing an additional 8,714 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on WFC shares. KGI Securities lowered shares of Wells Fargo & Company to a "hold" rating in a research note on Thursday, April 16th. HSBC raised shares of Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 price objective on the stock in a research report on Wednesday, April 1st. UBS Group dropped their target price on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Morgan Stanley upped their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a research note on Monday, June 29th. Finally, Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $98.50.

Wells Fargo & Company Stock Up 0.2%

NYSE:WFC opened at $86.39 on Friday. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $264.37 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 0.94 and a beta of 0.92. The company has a 50-day moving average of $82.72 and a 200 day moving average of $83.51.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, May 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 26.16%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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