Intech Investment Management LLC Sells 38,583 Shares of Wells Fargo & Company $WFC

Key Points

• Intech Investment Management cut its Wells Fargo stake by 14.7% in the fourth quarter, selling 38,583 shares and leaving it with 223,612 shares worth about $20.8 million.
• Institutional ownership in Wells Fargo remains high at 75.9%, and several other funds recently increased or initiated positions in the bank.
• Analyst sentiment is still mixed but generally constructive: Wells Fargo carries a Moderate Buy consensus with a $97.53 target price, though some firms have recently trimmed targets or shifted to neutral/hold ratings.

Intech Investment Management LLC decreased its holdings in Wells Fargo & Company (NYSE:WFC) by 14.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 223,612 shares of the financial services provider's stock after selling 38,583 shares during the quarter. Intech Investment Management LLC's holdings in Wells Fargo & Company were worth $20,841,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Diversified Trust Co. raised its stake in shares of Wells Fargo & Company by 59.7% in the fourth quarter. Diversified Trust Co. now owns 35,285 shares of the financial services provider's stock valued at $3,289,000 after acquiring an additional 13,196 shares during the last quarter. Mawer Investment Management Ltd. acquired a new stake in Wells Fargo & Company during the 3rd quarter valued at $147,165,000. Guerra Advisors Inc raised its position in Wells Fargo & Company by 43.2% in the 3rd quarter. Guerra Advisors Inc now owns 38,439 shares of the financial services provider's stock valued at $3,222,000 after purchasing an additional 11,594 shares during the last quarter. AlphaQuest LLC boosted its stake in Wells Fargo & Company by 1,121.0% in the third quarter. AlphaQuest LLC now owns 24,079 shares of the financial services provider's stock worth $2,018,000 after purchasing an additional 22,107 shares in the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of Wells Fargo & Company by 52.7% during the third quarter. UMB Bank n.a. now owns 138,862 shares of the financial services provider's stock worth $11,639,000 after purchasing an additional 47,946 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

A number of research analysts recently issued reports on WFC shares. Piper Sandler reaffirmed an "overweight" rating and issued a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. JPMorgan Chase & Co. decreased their price target on shares of Wells Fargo & Company from $91.00 to $86.50 and set a "neutral" rating on the stock in a research note on Thursday, April 30th. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Evercore reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Friday, March 6th. Finally, UBS Group reissued a "buy" rating and issued a $113.00 target price on shares of Wells Fargo & Company in a research note on Wednesday, February 4th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus target price of $97.53.

Trending Headlines about Wells Fargo & Company

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

• Positive Sentiment: CEO Charlie Scharf said Wells Fargo expects investment banking and trading revenue to rise by mid-teen percentages in the second quarter, which could support fee income and help offset weakness elsewhere. Reuters article
• Positive Sentiment: At a Bernstein conference, Wells Fargo highlighted improving momentum in key businesses, reinforcing the case that ongoing operating improvements and a possible easing of regulatory constraints could support the stock over time. Seeking Alpha transcript
• Neutral Sentiment: The company is also benefiting indirectly from a broader banking backdrop in which excess cash in funding markets is boosting balance-sheet capacity at large banks, though this is more of an industry tailwind than a Wells Fargo-specific catalyst. Yahoo Finance/Bloomberg article
• Negative Sentiment: Wells Fargo warned that the recent small-cap rally may be masking weakening earnings estimates, low profitability and rising debt, a message that points to a more fragile market backdrop and may weigh on sentiment toward financials. MarketWatch article
• Negative Sentiment: Recent coverage also noted that WFC shares have been sliding year to date, reflecting investor concerns about the pace of recovery despite long-term support from digital growth, NII improvement and potential regulatory relief. Zacks article

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $76.65 on Friday. The firm has a fifty day moving average of $79.03 and a two-hundred day moving average of $84.96. The stock has a market capitalization of $234.57 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 0.89 and a beta of 0.96. Wells Fargo & Company has a 52 week low of $71.93 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.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The company had revenue of $11.62 billion during the quarter, compared to analysts' expectations of $21.85 billion. During the same period in the prior year, the business posted $1.39 EPS. Wells Fargo & Company's revenue was up 6.4% on a year-over-year basis. As a group, equities research analysts predict that Wells Fargo & Company will post 6.84 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, May 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 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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