Gamco Investors INC. ET AL Sells 23,135 Shares of Wells Fargo & Company $WFC

Key Points

• Gamco Investors INC. ET AL cut its Wells Fargo stake by 4.6% in the first quarter, selling 23,135 shares and leaving it with 478,442 shares valued at about $38.1 million.
• Institutional ownership remains high, with hedge funds and other institutions holding 75.90% of Wells Fargo shares. Several large investors recently increased their positions, including Norges Bank and Capital Research Global Investors.
• Analysts are generally constructive on Wells Fargo, with an average rating of “Moderate Buy” and a consensus price target of $98.50. Recent updates included higher targets from Morgan Stanley and Bank of America, while Wells Fargo also paid a quarterly dividend of $0.45 per share.

Gamco Investors INC. ET AL reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 4.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 478,442 shares of the financial services provider's stock after selling 23,135 shares during the quarter. Gamco Investors INC. ET AL's holdings in Wells Fargo & Company were worth $38,089,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $4,512,563,000. Capital Research Global Investors boosted its stake in shares of Wells Fargo & Company by 4.9% during the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock worth $3,487,687,000 after buying an additional 1,760,484 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider's stock worth $1,975,600,000 after buying an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Wells Fargo & Company by 13.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider's stock valued at $1,922,257,000 after acquiring an additional 2,369,260 shares in the last quarter. Finally, Boston Partners increased its position in shares of Wells Fargo & Company by 5.2% in the fourth quarter. Boston Partners now owns 9,606,215 shares of the financial services provider's stock valued at $895,466,000 after acquiring an additional 477,745 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 0.2%

Shares of WFC stock opened at $86.39 on Friday. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The stock has a market cap of $264.37 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 0.94 and a beta of 0.92. The firm's 50-day moving average is $82.72 and its 200-day moving average is $83.51. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend 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%.

Analysts Set New Price Targets

Several research firms recently issued reports on WFC. Morgan Stanley upped their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Bank of America raised their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. HSBC raised Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 price target on the stock in a research report on Wednesday, April 1st. Barclays dropped their price objective on Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 15th. Finally, Piper Sandler reissued an "overweight" rating and issued a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $98.50.

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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