Kovitz Investment Group Partners LLC Has $6.28 Million Position in Wells Fargo & Company $WFC

Key Points

• Kovitz Investment Group Partners LLC cut its Wells Fargo stake by 74.4% in the fourth quarter, leaving it with 67,364 shares valued at about $6.28 million.
• Wells Fargo’s stock was trading around $82.31, with a market cap of $251.89 billion; it has ranged between $72.78 and $97.76 over the past 52 weeks.
• The bank recently beat earnings expectations with $1.60 EPS versus the $1.58 consensus and paid a quarterly dividend of $0.45 per share, implying a 2.2% yield.

Kovitz Investment Group Partners LLC lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 74.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,364 shares of the financial services provider's stock after selling 196,289 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Wells Fargo & Company were worth $6,278,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Brighton Jones LLC increased its holdings in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after purchasing an additional 25,436 shares during the period. Jump Financial LLC raised its position in Wells Fargo & Company by 12.9% during the 2nd quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock worth $1,835,000 after purchasing an additional 2,615 shares during the last quarter. Main Street Financial Solutions LLC lifted its holdings in Wells Fargo & Company by 111.0% during the 2nd quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock worth $1,122,000 after buying an additional 7,368 shares during the period. Vivaldi Capital Management LP lifted its holdings in Wells Fargo & Company by 5.4% during the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after buying an additional 165 shares during the period. Finally, Diversify Advisory Services LLC grew its position in shares of Wells Fargo & Company by 51.2% in the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock valued at $2,044,000 after buying an additional 8,714 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 0.1%

Shares of WFC stock opened at $82.31 on Friday. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two 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. The stock has a 50 day simple moving average of $79.70 and a two-hundred day simple moving average of $84.59. The company has a market cap of $251.89 billion, a P/E ratio of 12.70, a PEG ratio of 0.96 and a beta of 0.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.02. The firm had revenue of $11.62 billion for the quarter, compared to analysts' expectations of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The company's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.39 EPS. Research analysts forecast that Wells Fargo & Company will post 6.86 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.2%. Wells Fargo & Company's dividend payout ratio is currently 27.78%.

Analyst Upgrades and Downgrades

WFC has been the subject of several recent research reports. Barclays decreased their price target on Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating for the company in a research note on Wednesday, April 15th. Keefe, Bruyette & Woods reduced their target price on Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating on the stock in a report on Wednesday, April 15th. Evercore reissued an "outperform" rating on shares of Wells Fargo & Company in a research report on Friday, March 6th. KGI Securities lowered shares of Wells Fargo & Company to a "hold" rating in a report on Thursday, April 16th. Finally, Truist Financial dropped their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "buy" rating on the stock in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $98.24.

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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