KBC Group NV Sells 737,720 Shares of Wells Fargo & Company $WFC

Key Points

• KBC Group NV cut its Wells Fargo stake by 44.5% in the first quarter, selling 737,720 shares and leaving it with 919,627 shares valued at about $73.2 million.
• Analyst sentiment remains mixed but constructive, with Wells Fargo holding a consensus rating of “Moderate Buy” and a consensus price target of $98.50. Recent moves included target hikes from Morgan Stanley and Bank of America, while other firms maintained or downgraded to hold/market perform.
• Wells Fargo shares were down 1.5% and opened at $86.24, near the middle of its 52-week range of $72.78 to $97.76. The bank also pays a quarterly dividend of $0.45 per share, equal to a 2.1% annualized yield.

KBC Group NV lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 44.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 919,627 shares of the financial services provider's stock after selling 737,720 shares during the quarter. KBC Group NV's holdings in Wells Fargo & Company were worth $73,211,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Godfrey Financial Associates Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $25,000. Miller Capital Partners Inc. bought a new stake in Wells Fargo & Company in the 4th quarter worth about $25,000. Navalign LLC bought a new stake in Wells Fargo & Company in the 4th quarter worth about $26,000. Joseph Group Capital Management purchased a new stake in Wells Fargo & Company in the 4th quarter valued at about $28,000. Finally, Core Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $29,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WFC. Morgan Stanley boosted their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. KGI Securities downgraded Wells Fargo & Company to a "hold" rating in a research report on Thursday, April 16th. Raymond James Financial reiterated a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 15th. Finally, Bank of America upped their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.50.

Wells Fargo & Company Stock Down 1.5%

WFC opened at $86.24 on Tuesday. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The company's 50-day moving average price is $81.70 and its two-hundred day moving average price is $83.63. The stock has a market cap of $263.90 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 0.96 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09.

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 issued 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 26.16%.

Wells Fargo & Company Company Profile

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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