Hartford Investment Management Co. Lowers Holdings in Wells Fargo & Company $WFC

Key Points

• Hartford Investment Management Co. reduced its holdings in Wells Fargo & Company by 2.2% in the second quarter, after selling 4,352 shares, bringing its total ownership to 196,389 shares valued at approximately $15.73 million.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45, representing an annualized dividend of $1.80 with a yield of 2.1%.
• Despite a slight revenue miss in its latest earnings report, Wells Fargo reported earnings per share of $1.54, exceeding analysts' expectations of $1.41.

Hartford Investment Management Co. decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 196,389 shares of the financial services provider's stock after selling 4,352 shares during the quarter. Hartford Investment Management Co.'s holdings in Wells Fargo & Company were worth $15,735,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Traveka Wealth LLC raised its holdings in shares of Wells Fargo & Company by 18.6% during the second quarter. Traveka Wealth LLC now owns 5,669 shares of the financial services provider's stock valued at $454,000 after purchasing an additional 888 shares during the last quarter. Dakota Wealth Management grew its stake in shares of Wells Fargo & Company by 2.8% during the 2nd quarter. Dakota Wealth Management now owns 17,712 shares of the financial services provider's stock valued at $1,419,000 after acquiring an additional 483 shares during the period. Kennedy Investment Group raised its position in shares of Wells Fargo & Company by 3.2% during the 2nd quarter. Kennedy Investment Group now owns 19,859 shares of the financial services provider's stock valued at $1,591,000 after purchasing an additional 611 shares during the period. Motive Wealth Advisors boosted its stake in shares of Wells Fargo & Company by 3.7% in the second quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock worth $293,000 after acquiring an additional 129 shares during the period. Finally, LeConte Wealth Management LLC bought a new position in Wells Fargo & Company in the 2nd quarter worth approximately $267,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.2%

Wells Fargo & Company stock opened at $84.31 on Friday. The company has a market capitalization of $270.08 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25. Wells Fargo & Company has a fifty-two week low of $53.31 and a fifty-two week high of $86.65. 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 firm has a 50 day moving average price of $80.76 and a 200 day moving average price of $75.74.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping 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 business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the company posted $1.33 earnings per share. The business's revenue for the quarter was up .6% on a year-over-year basis. Research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a $0.45 dividend. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 30.82%.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent research reports. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. The Goldman Sachs Group cut their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Raymond James Financial downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $82.97.

Wells Fargo & 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.

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.