Neville Rodie & Shaw Inc. Decreases Stake in Wells Fargo & Company $WFC

Key Points

• Neville Rodie & Shaw Inc. has reduced its stake in Wells Fargo & Company by 11.4%, owning 29,602 shares worth approximately $2.37 million after selling 3,821 shares in the second quarter.
• Wells Fargo's recent earnings report showed an EPS of $1.54, surpassing analysts' expectations, with quarterly revenues of $20.82 billion.
• The company increased its quarterly dividend from $0.40 to $0.45 per share, reflecting a 2.2% yield and a payout ratio of 30.82%.

Neville Rodie & Shaw Inc. lowered its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 11.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,602 shares of the financial services provider's stock after selling 3,821 shares during the quarter. Neville Rodie & Shaw Inc.'s holdings in Wells Fargo & Company were worth $2,371,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA increased its stake in Wells Fargo & Company by 277.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after acquiring an additional 7,894,919 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Wells Fargo & Company by 7,887.9% in the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock valued at $243,589,000 after purchasing an additional 3,350,605 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $198,801,000. Theleme Partners LLP purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $187,049,000. Finally, Zurich Insurance Group Ltd FI bought a new position in Wells Fargo & Company during the fourth quarter valued at $117,280,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Up 0.3%

NYSE WFC traded up $0.21 during trading on Friday, hitting $81.46. The stock had a trading volume of 10,497,290 shares, compared to its average volume of 12,889,268. The company has a market capitalization of $260.95 billion, a PE ratio of 13.95, a PEG ratio of 1.27 and a beta of 1.25. 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 firm has a 50 day moving average price of $80.38 and a 200 day moving average price of $75.14. Wells Fargo & Company has a twelve month low of $51.75 and a twelve month high of $84.83.

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 for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.Wells Fargo & Company's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 EPS. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a $0.45 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.2%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is presently 30.82%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on WFC shares. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Bank of America boosted their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Finally, Truist Financial boosted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus target price of $82.56.

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.