Gamco Investors INC. ET AL Trims Stock Holdings in Wells Fargo & Company $WFC

Key Points

• Gamco Investors trimmed its Wells Fargo stake by 3.0% in the fourth quarter, selling 15,575 shares and leaving it with 501,577 shares worth about $46.7 million.
• Wells Fargo’s stock was trading near $73.46, close to its 52-week low of $71.89, and remains well below its 52-week high of $97.76.
• The bank reported $1.60 EPS for the latest quarter, topping estimates, and declared a $0.45 quarterly dividend payable June 1 for a 2.5% annualized yield.

Gamco Investors INC. ET AL decreased its stake in Wells Fargo & Company (NYSE:WFC) by 3.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 501,577 shares of the financial services provider's stock after selling 15,575 shares during the quarter. Gamco Investors INC. ET AL's holdings in Wells Fargo & Company were worth $46,747,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Capital Research Global Investors increased its position in Wells Fargo & Company by 18.6% in the third quarter. Capital Research Global Investors now owns 35,660,903 shares of the financial services provider's stock worth $2,989,104,000 after buying an additional 5,584,930 shares in the last quarter. Legal & General Group Plc grew its position in shares of Wells Fargo & Company by 1.9% during the third quarter. Legal & General Group Plc now owns 21,009,237 shares of the financial services provider's stock worth $1,760,994,000 after purchasing an additional 399,088 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Wells Fargo & Company by 7.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 17,859,680 shares of the financial services provider's stock worth $1,496,998,000 after purchasing an additional 1,223,999 shares in the last quarter. Boston Partners grew its position in shares of Wells Fargo & Company by 1.9% during the third quarter. Boston Partners now owns 9,128,470 shares of the financial services provider's stock worth $763,675,000 after purchasing an additional 174,350 shares in the last quarter. Finally, Davis Selected Advisers grew its position in shares of Wells Fargo & Company by 6.1% during the fourth quarter. Davis Selected Advisers now owns 8,258,031 shares of the financial services provider's stock worth $769,649,000 after purchasing an additional 471,979 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $73.46 on Monday. The firm has a market capitalization of $224.79 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 0.86 and a beta of 0.96. Wells Fargo & Company has a 1 year low of $71.89 and a 1 year high of $97.76. The business has a 50 day simple moving average of $79.30 and a 200-day simple moving average of $85.63. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.90 and a quick ratio of 0.90.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.02. The business had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The company's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the company earned $1.39 EPS. Equities analysts forecast that Wells Fargo & Company will post 6.82 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, May 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 27.78%.

Trending Headlines about Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Negative Sentiment: JPMorgan reiterated a Hold rating on Wells Fargo and cut its price target to $86.50 from $91, reinforcing a more cautious near-term outlook for the stock. Wells Fargo (WFC) Stock Expected To Stay Under Pressure In The Short Term
• Neutral Sentiment: Wells Fargo announced cash dividends on six series of preferred stock, a routine capital return update that should not materially change the near-term outlook for common shares. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Neutral Sentiment: Commentary around Wells Fargo’s post-earnings performance noted that the stock remains below its recent levels after the company’s latest results, with investors still assessing whether revenue growth can offset higher compensation and technology costs. Wells Fargo Revenues Are Rising, But Can It Bend the Cost Curve?
• Neutral Sentiment: Wells Fargo’s economists changed their view on the timing of the next Fed rate cut, highlighting uncertainty around inflation and interest-rate expectations that could influence bank earnings and net interest income. Wells Fargo sees writing on the wall about the next Fed rate cut
• Negative Sentiment: Broader financial stocks weakened in the latest session, which may be adding pressure to Wells Fargo as part of a sector-wide move lower. Sector Update: Financial Stocks Fall Wednesday

Insider Activity

In other news, EVP Bridget E. Engle sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $87.10, for a total value of $2,613,000.00. Following the completion of the sale, the executive vice president directly owned 83,478 shares of the company's stock, valued at $7,270,933.80. This trade represents a 26.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kleber Santos sold 25,000 shares of the firm's stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $87.72, for a total value of $2,193,000.00. Following the completion of the sale, the executive vice president directly owned 79,876 shares of the company's stock, valued at $7,006,722.72. The trade was a 23.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 115,000 shares of company stock valued at $10,050,000 in the last ninety days. Insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

WFC has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on Wells Fargo & Company in a research report on Thursday, March 26th. They set a "buy" rating and a $100.00 target price for the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Keefe, Bruyette & Woods cut their target price on Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating for the company in a research report on Wednesday, April 15th. KGI Securities cut Wells Fargo & Company to a "hold" rating in a research report on Thursday, April 16th. Finally, HSBC upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 target price for the company in a research report on Wednesday, April 1st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.53.

Wells Fargo & Company Profile

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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