Jacobs Levy Equity Management Inc. Sells 12,358 Shares of Wells Fargo & Company $WFC

Key Points

• Jacobs Levy Equity Management Inc. reduced its holdings in Wells Fargo by 2.6%, selling 12,358 shares, and now owns 459,398 shares worth approximately $32.98 million.
• Wells Fargo recently declared a quarterly dividend of $0.45 per share, increasing its previous dividend from $0.40, representing an annual yield of 2.3%.
• Wells Fargo's stock has seen mixed analyst ratings, with a consensus rating of "Moderate Buy" and an average target price of $82.56.

Jacobs Levy Equity Management Inc. cut its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 459,398 shares of the financial services provider's stock after selling 12,358 shares during the period. Jacobs Levy Equity Management Inc.'s holdings in Wells Fargo & Company were worth $32,980,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Safeguard Investment Advisory Group LLC lifted its stake in shares of Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock valued at $410,000 after purchasing an additional 137 shares during the period. Summit Wealth & Retirement Planning Inc. increased its holdings in Wells Fargo & Company by 4.3% in the first quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock valued at $241,000 after purchasing an additional 139 shares during the last quarter. Nwam LLC increased its holdings in Wells Fargo & Company by 1.6% in the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock valued at $632,000 after purchasing an additional 142 shares during the last quarter. PGIM Custom Harvest LLC lifted its stake in Wells Fargo & Company by 3.5% in the first quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider's stock valued at $303,000 after buying an additional 142 shares during the period. Finally, Tradition Wealth Management LLC lifted its stake in Wells Fargo & Company by 0.5% in the first quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider's stock valued at $2,184,000 after buying an additional 143 shares during the period. Institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on WFC. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. The Goldman Sachs Group lowered their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Truist Financial upped their price objective on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $82.56.

Wells Fargo & Company Stock Down 3.5%

Shares of WFC stock opened at $78.98 on Friday. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a fifty day moving average of $80.54 and a 200-day moving average of $75.06. The company has a market capitalization of $253.00 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 1.27 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. The business had revenue of $20.82 billion for 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%. The firm's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.33 EPS. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Wells Fargo & Company 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.

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