Ibex Wealth Advisors Sells 61,300 Shares of Wells Fargo & Company $WFC

Key Points

• Ibex Wealth Advisors cut its Wells Fargo stake by 89.9% in the first quarter, selling 61,300 shares and leaving it with 6,912 shares worth about $550,000.
• Institutional ownership in Wells Fargo remains heavy, with funds such as Norges Bank and UBS AM making large moves; overall, 75.9% of the stock is held by institutional investors and hedge funds.
• Wall Street sentiment is moderately positive: analysts currently rate WFC a “Moderate Buy” on average, with a consensus price target of $98.34, while the stock recently traded around $87.07.

Ibex Wealth Advisors trimmed its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 89.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,912 shares of the financial services provider's stock after selling 61,300 shares during the quarter. Ibex Wealth Advisors' holdings in Wells Fargo & Company were worth $550,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in Wells Fargo & Company during the fourth quarter worth $4,512,563,000. Mawer Investment Management Ltd. raised its stake in shares of Wells Fargo & Company by 177.7% in the 4th quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider's stock valued at $454,455,000 after buying an additional 3,120,399 shares in the last quarter. Danske Bank A S acquired a new position in shares of Wells Fargo & Company in the 3rd quarter valued at $215,638,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Wells Fargo & Company by 13.0% during 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 worth $1,922,257,000 after acquiring an additional 2,369,260 shares during the period. Finally, PFA Pension Forsikringsaktieselskab bought a new position in shares of Wells Fargo & Company during the 4th quarter worth about $173,651,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on WFC shares. JPMorgan Chase & Co. lifted their target price on shares of Wells Fargo & Company from $86.50 to $93.50 and gave the company a "neutral" rating in a research report on Monday, July 6th. HSBC raised shares of Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 price target for the company in a research report on Wednesday, April 1st. KGI Securities cut shares of Wells Fargo & Company to a "hold" rating in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Wells Fargo & Company in a report on Monday, April 20th. Finally, Raymond James Financial initiated coverage on Wells Fargo & Company in a research note on Wednesday. They issued a "market perform" rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus target price of $98.34.

Key Stories Impacting Wells Fargo & Company

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

• Positive Sentiment: Analysts and market commentary remain upbeat on Wells Fargo’s upcoming results, with expectations for higher net interest income and fee income to support earnings. The stock is also benefiting from a “moderate buy” consensus and renewed interest in bank earnings ahead of the reporting season.
• Positive Sentiment: Wells Fargo was cited as a bullish name in sector research, and the broader banking group is seen as positioned for solid Q2 results, which could lift financial stocks if the trend holds.
• Neutral Sentiment: Recent articles focused on Wells Fargo mostly previewed the earnings release rather than delivering new company-specific news, so investors are still waiting for a catalyst from the actual report.
• Neutral Sentiment: Broader market news was mixed but relatively calm, with futures drifting and investors waiting for inflation data and earnings season, which suggests WFC’s move is more tied to positioning than to any fresh negative headline.

Wells Fargo & Company Stock Up 0.2%

Shares of NYSE WFC opened at $87.07 on Friday. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. The business has a fifty day moving average of $80.67 and a two-hundred day moving average of $84.03. The stock has a market cap of $266.46 billion, a PE ratio of 13.44, a PEG ratio of 0.99 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.02. The business had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The firm's quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.39 EPS. As a group, equities research analysts expect that Wells Fargo & Company will post 6.98 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid 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 is currently 27.78%.

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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