OLD National Bancorp IN Sells 8,708 Shares of Wells Fargo & Company $WFC

Key Points

• OLD National Bancorp IN has reduced its stake in Wells Fargo & Company by 2.4%, selling 8,708 shares to hold a total of 361,200 shares, valued at approximately $28.9 million.
• Wells Fargo's recent quarterly earnings report exceeded analyst expectations, with an EPS of $1.54, surpassing the consensus estimate of $1.41.
• The company announced an increase in its quarterly dividend to $0.45, reflecting a 2.2% yield and indicating a commitment to returning value to shareholders.

OLD National Bancorp IN trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 2.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 361,200 shares of the financial services provider's stock after selling 8,708 shares during the quarter. Wells Fargo & Company makes up 0.5% of OLD National Bancorp IN's investment portfolio, making the stock its 29th largest position. OLD National Bancorp IN's holdings in Wells Fargo & Company were worth $28,939,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Accretive Wealth Partners LLC purchased a new stake in Wells Fargo & Company in the 1st quarter worth approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. increased its position in Wells Fargo & Company by 10.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock valued at $54,471,000 after buying an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC bought a new stake in shares of Wells Fargo & Company in the 1st quarter worth $408,000. RKL Wealth Management LLC increased its holdings in shares of Wells Fargo & Company by 166.4% in the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after purchasing an additional 5,113 shares in the last quarter. Finally, Allianz SE increased its holdings in shares of Wells Fargo & Company by 22.6% in the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after purchasing an additional 39,150 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

WFC has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Wells Fargo & Company in a report on Saturday, September 27th. Morgan Stanley downgraded Wells Fargo & Company from an "overweight" rating to an "equal weight" rating and boosted their price objective for the company from $87.00 to $90.00 in a research report on Monday, September 29th. Truist Financial boosted their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Citigroup boosted their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. Finally, Cowen restated a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $83.74.

Wells Fargo & Company Trading Up 0.2%

WFC opened at $80.63 on Friday. Wells Fargo & Company has a one year low of $55.98 and a one year high of $86.65. The stock has a market cap of $258.28 billion, a price-to-earnings ratio of 13.81, a P/E/G ratio of 1.24 and a beta of 1.25. The stock's 50 day moving average price is $80.77 and its 200-day moving average price is $76.31. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data 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 prior year, the firm earned $1.33 earnings per share. Wells Fargo & Company's revenue was up .6% compared to the same quarter last year. 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 disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were paid a $0.45 dividend. 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. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company's payout ratio is currently 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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