Leith Wheeler Investment Counsel Ltd. Decreases Holdings in Wells Fargo & Company $WFC

Leith Wheeler Investment Counsel Ltd. trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 44.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 382,053 shares of the financial services provider's stock after selling 299,905 shares during the period. Wells Fargo & Company accounts for about 1.8% of Leith Wheeler Investment Counsel Ltd.'s holdings, making the stock its 17th largest holding. Leith Wheeler Investment Counsel Ltd.'s holdings in Wells Fargo & Company were worth $30,610,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of WFC. CBIZ Investment Advisory Services LLC lifted its holdings in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 322 shares during the last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $27,000. Motco lifted its holdings in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 326 shares during the last quarter. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the 1st quarter valued at about $29,000. Finally, 1248 Management LLC purchased a new stake in shares of Wells Fargo & Company in the 1st quarter valued at about $31,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on WFC shares. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Morgan Stanley cut Wells Fargo & Company from an "overweight" rating to an "equal weight" rating and boosted their price target for the company from $87.00 to $90.00 in a research report on Monday, September 29th. The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Finally, Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Saturday, October 4th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and an average target price of $85.41.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $77.74 on Monday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The business's 50 day moving average is $80.63 and its two-hundred day moving average is $76.56. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $86.65. The stock has a market capitalization of $249.04 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.25 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released 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. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. During the same quarter in the previous year, the firm posted $1.33 EPS. The firm's quarterly revenue was up .6% on a year-over-year basis. Research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced 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 represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is presently 30.82%.

Wells Fargo & 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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