Koss Olinger Consulting LLC Sells 30,618 Shares of Wells Fargo & Company (NYSE:WFC)

Key Points

• Koss Olinger Consulting LLC has significantly reduced its stake in Wells Fargo & Company by 86.2%, selling 30,618 shares and now holding only 4,918 shares valued at approximately $353,000.
• Wells Fargo recently reported earnings of $1.54 per share, exceeding analyst expectations, while its revenue showed a slight year-over-year increase.
• The company announced a quarterly dividend increase from $0.40 to $0.45 per share, representing an annualized yield of 2.3% and reflecting a 27.40% dividend payout ratio.

Koss Olinger Consulting LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 86.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,918 shares of the financial services provider's stock after selling 30,618 shares during the quarter. Koss Olinger Consulting LLC's holdings in Wells Fargo & Company were worth $353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of WFC. Brighton Jones LLC raised its holdings in Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after acquiring an additional 25,436 shares during the period. Jaffetilchin Investment Partners LLC increased its holdings in shares of Wells Fargo & Company by 0.6% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock worth $1,580,000 after purchasing an additional 144 shares during the period. Heritage Trust Co bought a new position in shares of Wells Fargo & Company in the fourth quarter worth $1,036,000. Glass Jacobson Investment Advisors llc increased its holdings in shares of Wells Fargo & Company by 40.3% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,795 shares of the financial services provider's stock worth $126,000 after purchasing an additional 516 shares during the period. Finally, Petros Family Wealth LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter worth $461,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $77.78 on Friday. 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 company has a 50-day simple moving average of $78.92 and a two-hundred day simple moving average of $74.95. The firm has a market cap of $249.16 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 1.21 and a beta of 1.20. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83.

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

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be issued a dividend of $0.45 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is currently 27.40%.

Wells Fargo & Company announced that its board has authorized a share buyback program on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WFC. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Bank of America upped their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Truist Financial upped their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $80.39.

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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