PFG Advisors Lowers Stock Holdings in Wells Fargo & Company $WFC

Key Points

• PFG Advisors reduced its Wells Fargo stake by 16.1% in the second quarter, selling 19,109 shares and retaining 99,763 shares valued at approximately $8.24 million. Institutional investors collectively own 75.9% of WFC.
• Wells Fargo reported stronger-than-expected quarterly results, with earnings of $1.96 per share and revenue of $22.62 billion, up 8.6% year over year.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equivalent to a 2.3% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61, though valuation and profit-taking could limit near-term gains.

PFG Advisors lessened its stake in Wells Fargo & Company (NYSE:WFC) by 16.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 99,763 shares of the financial services provider's stock after selling 19,109 shares during the period. PFG Advisors' holdings in Wells Fargo & Company were worth $8,244,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in Wells Fargo & Company by 62.3% during the 4th 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. Jump Financial LLC increased its holdings in shares of Wells Fargo & Company by 12.9% in the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock valued at $1,835,000 after purchasing an additional 2,615 shares during the period. Main Street Financial Solutions LLC increased its holdings in shares of Wells Fargo & Company by 111.0% in the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock valued at $1,122,000 after purchasing an additional 7,368 shares during the period. Vivaldi Capital Management LP raised its stake in shares of Wells Fargo & Company by 5.4% during the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after purchasing an additional 165 shares during the last quarter. Finally, Diversify Advisory Services LLC raised its stake in shares of Wells Fargo & Company by 51.2% during the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock worth $2,044,000 after purchasing an additional 8,714 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Key Wells Fargo & Company News

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo declared quarterly cash dividends on six series of preferred stock. The announcement provides clarity for income-focused investors and signals that the bank continues to support its preferred-capital structure. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Positive Sentiment: Recent analysis suggests WFC could be about 10% undervalued despite strong gains over the past three months, supporting the view that valuation may still leave room for additional appreciation. Wells Fargo Could Be 10% Undervalued After Preferred Dividend Declaration
• Positive Sentiment: Investors have been rotating from weaker-performing artificial-intelligence stocks into financials, creating a favorable sector backdrop for Wells Fargo and other banks. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s latest earnings exceeded expectations, with $1.96 in earnings per share and $22.62 billion in revenue, while revenue grew 8.6% year over year. Analysts continue to focus on potential net-interest-income growth, asset-cap removal and increased capital returns. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Neutral Sentiment: The bank is expanding its post-asset-cap strategy through tokenized deposits for corporate clients and new long-term debt and depositary-share offerings. The initiatives could improve payment capabilities and investment capacity, but their financial impact remains uncertain. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?
• Negative Sentiment: After a roughly 20% three-month advance, valuation and profit-taking risks could limit near-term upside, making investors more sensitive to execution on growth and regulatory milestones. Why Is Wells Fargo Up Since Last Earnings Report?

Wells Fargo & Company Stock Up 0.7%

WFC opened at $88.74 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The stock has a market capitalization of $268.34 billion, a P/E ratio of 12.90, a P/E/G ratio of 0.96 and a beta of 0.92. The business has a 50 day simple moving average of $85.73 and a 200-day simple moving average of $83.10.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. The firm had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.Wells Fargo & Company's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.60 earnings per share. On average, equities analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, August 7th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's payout ratio is presently 29.07%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Robert W. Baird boosted their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Sunday, June 14th. Keefe, Bruyette & Woods reduced their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a research note on Wednesday, July 15th. Finally, Bank of America lifted their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source