GFG Capital LLC Sells 12,411 Shares of Wells Fargo & Company $WFC

Key Points

• GFG Capital LLC significantly reduced its stake in Wells Fargo & Company by 93.8%, selling 12,411 shares and now holding only 815 shares valued at approximately $65,000.
• Wells Fargo recently announced an increase in its quarterly dividend, boosting it from $0.40 to $0.45 per share, translating to an annualized dividend of $1.80 with a yield of 2.3%.
• The stock received positive updates from several analysts, with Evercore ISI raising its target price from $94.00 to $98.00 and giving it an "outperform" rating.

GFG Capital LLC decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 93.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 815 shares of the financial services provider's stock after selling 12,411 shares during the period. GFG Capital LLC's holdings in Wells Fargo & Company were worth $65,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in WFC. Brighton Jones LLC increased its position in shares of Wells Fargo & Company by 62.3% during 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. Harbor Capital Advisors Inc. grew its position in Wells Fargo & Company by 296.5% in the first quarter. Harbor Capital Advisors Inc. now owns 686 shares of the financial services provider's stock valued at $49,000 after purchasing an additional 513 shares in the last quarter. GAMMA Investing LLC grew its position in Wells Fargo & Company by 11.3% in the first quarter. GAMMA Investing LLC now owns 47,264 shares of the financial services provider's stock valued at $3,393,000 after purchasing an additional 4,786 shares in the last quarter. Sonora Investment Management Group LLC grew its position in Wells Fargo & Company by 26.1% in the first quarter. Sonora Investment Management Group LLC now owns 4,699 shares of the financial services provider's stock valued at $337,000 after purchasing an additional 973 shares in the last quarter. Finally, Sanibel Captiva Trust Company Inc. grew its position in Wells Fargo & Company by 23.1% in the first quarter. Sanibel Captiva Trust Company Inc. now owns 21,180 shares of the financial services provider's stock valued at $1,521,000 after purchasing an additional 3,969 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $79.74 on Thursday. The firm has a 50-day moving average of $80.65 and a 200-day moving average of $76.44. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a market cap of $255.44 billion, a PE ratio of 13.65, a P/E/G ratio of 1.31 and a beta of 1.25. Wells Fargo & Company has a 52-week low of $57.07 and a 52-week high of $86.65.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the company posted $1.33 EPS. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a dividend of $0.45 per share. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is 30.82%.

Analysts Set New Price Targets

A number of research firms recently weighed in on WFC. Evercore ISI raised their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an "outperform" rating in a research report on Tuesday, September 30th. Truist Financial raised their target price on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Morgan Stanley downgraded shares of Wells Fargo & Company from an "overweight" rating to an "equal weight" rating and raised their target price for the company from $87.00 to $90.00 in a research report on Monday, September 29th. UBS Group decreased their target price on shares of Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $85.41.

About Wells Fargo & Company

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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.