Junto Capital Management LP Sells 389,057 Shares of Wells Fargo & Company $WFC

Key Points

• Junto Capital Management LP reduced its stake in Wells Fargo & Company by 41.3%, selling 389,057 shares during the first quarter, leaving it with 554,092 shares valued at approximately $39.78 million.
• Wells Fargo reported $1.54 earnings per share for the quarter, exceeding analyst expectations of $1.41, while revenue was slightly below estimates at $20.82 billion.
• The company announced a quarterly dividend increase to $0.45 per share, raising its annualized dividend yield to 2.2% from the previous $0.40.

Junto Capital Management LP cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 41.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 554,092 shares of the financial services provider's stock after selling 389,057 shares during the period. Junto Capital Management LP's holdings in Wells Fargo & Company were worth $39,778,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas bought a new stake in Wells Fargo & Company during the fourth quarter worth $28,000. Motco lifted its stake in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the last quarter. Accent Capital Management LLC bought a new stake in Wells Fargo & Company during the first quarter worth $29,000. Stone House Investment Management LLC bought a new stake in Wells Fargo & Company during the first quarter worth $34,000. Finally, Dunhill Financial LLC lifted its stake in Wells Fargo & Company by 63.7% during the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after purchasing an additional 193 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Up 0.2%

Shares of NYSE:WFC opened at $82.15 on Friday. The firm has a market cap of $263.17 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.27 and a beta of 1.20. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The business has a fifty day simple moving average of $80.31 and a 200 day simple moving average of $75.02.

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

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.2%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is 30.82%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on WFC shares. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Morgan Stanley increased their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. TD Cowen started coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target for the company. Finally, The Goldman Sachs Group dropped their price target on 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. Eleven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $81.58.

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.

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