Mutual of America Capital Management LLC Sells 9,277 Shares of Wells Fargo & Company $WFC

Key Points

• Mutual of America Capital Management LLC sold 9,277 shares of Wells Fargo & Company (WFC), reducing their holdings by 2.4% to a total of 373,207 shares valued at approximately $29.9 million.
• Wells Fargo recently increased its quarterly dividend to $0.45 per share, up from $0.40, corresponding to an annualized yield of 2.2%.
• Analysts are optimistic about Wells Fargo, with ten investment analysts giving a Buy rating and an average price target increase to approximately $89.57 per share.

Mutual of America Capital Management LLC decreased its position in Wells Fargo & Company (NYSE:WFC) by 2.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 373,207 shares of the financial services provider's stock after selling 9,277 shares during the quarter. Mutual of America Capital Management LLC's holdings in Wells Fargo & Company were worth $29,901,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of WFC. Brighton Jones LLC lifted its holdings in Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares during the period. GAMMA Investing LLC grew its position in Wells Fargo & Company by 11.3% during the first quarter. GAMMA Investing LLC now owns 47,264 shares of the financial services provider's stock valued at $3,393,000 after buying an additional 4,786 shares during the period. Silver Oak Securities Incorporated bought a new position in Wells Fargo & Company during the first quarter valued at about $215,000. Abundance Wealth Counselors bought a new position in Wells Fargo & Company during the first quarter valued at about $222,000. Finally, L.M. Kohn & Company bought a new position in Wells Fargo & Company during the first quarter valued at about $204,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on WFC shares. Barclays increased their price target on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the company an "overweight" rating in a research report on Wednesday. Weiss Ratings upgraded shares of Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, October 8th. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. TD Cowen increased their price target on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a "hold" rating in a research report on Wednesday. Finally, Truist Financial increased their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday. Ten investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $89.57.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $83.25 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $266.70 billion, a PE ratio of 13.69, a P/E/G ratio of 1.15 and a beta of 1.25. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47. The company has a 50-day moving average price of $81.21 and a two-hundred day moving average price of $76.93.

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 is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 29.61%.

Wells Fargo & Company 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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