Perigon Wealth Management LLC Decreases Position in Wells Fargo & Company $WFC

Key Points

• Perigon Wealth Management LLC reduced its stake in Wells Fargo & Company by 8.2%, owning 134,479 shares worth approximately $10.77 million after selling 12,009 shares.
• Wells Fargo reported a quarterly EPS of $1.54, exceeding analysts' expectations, with a revenue of $20.82 billion, slightly below estimates, reflecting a 0.6% increase year-over-year.
• The company increased its quarterly dividend to $0.45, resulting in an annual yield of 2.1%, reflecting a positive shift from the previous dividend of $0.40.

Perigon Wealth Management LLC cut its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 8.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,479 shares of the financial services provider's stock after selling 12,009 shares during the period. Perigon Wealth Management LLC's holdings in Wells Fargo & Company were worth $10,774,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WFC. Wealth Management Partners LLC raised its holdings in shares of Wells Fargo & Company by 3.5% in the second quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock worth $313,000 after buying an additional 128 shares during the period. Verum Partners LLC raised its holdings in shares of Wells Fargo & Company by 1.8% in the second quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock worth $582,000 after buying an additional 128 shares during the period. Motive Wealth Advisors raised its holdings in shares of Wells Fargo & Company by 3.7% in the second quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock worth $293,000 after buying an additional 129 shares during the period. Lynch & Associates IN grew its stake in Wells Fargo & Company by 2.0% in the second quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider's stock worth $539,000 after purchasing an additional 135 shares in the last quarter. Finally, Financial Management Professionals Inc. grew its stake in Wells Fargo & Company by 19.3% in the second quarter. Financial Management Professionals Inc. now owns 854 shares of the financial services provider's stock worth $68,000 after purchasing an additional 138 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 0.2%

Wells Fargo & Company stock opened at $84.18 on Thursday. Wells Fargo & Company has a twelve month low of $53.31 and a twelve month high of $86.65. The stock's fifty day simple moving average is $80.66 and its 200-day simple moving average is $75.62. 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 firm has a market capitalization of $269.65 billion, a P/E ratio of 14.41, a P/E/G ratio of 1.30 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating 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 firm had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the company posted $1.33 earnings per share. Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal 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 paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. 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%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on WFC. Morgan Stanley increased their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Truist Financial lifted their price target on Wells Fargo & Company from $86.00 to $88.00 and gave the company a "buy" rating in a report on Wednesday. Bank of America raised their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Finally, Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $82.97.

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.

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