S Bank Fund Management Ltd Sells 23,212 Shares of Wells Fargo & Company $WFC

Key Points

• S Bank Fund Management Ltd reduced its shares in Wells Fargo & Company by 17.2% in the second quarter, now holding 112,001 shares valued at $8,974,000.
• Several analysts have increased their target prices for Wells Fargo, with Barclays raising it from $87 to $94 and Bank of America increasing it from $92 to $100.
• Wells Fargo recently declared a quarterly dividend increase to $0.45 per share, representing a 2.1% dividend yield and up from the previous $0.40 dividend.

S Bank Fund Management Ltd trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 17.2% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 112,001 shares of the financial services provider's stock after selling 23,212 shares during the quarter. Wells Fargo & Company accounts for 1.3% of S Bank Fund Management Ltd's holdings, making the stock its 14th biggest position. S Bank Fund Management Ltd's holdings in Wells Fargo & Company were worth $8,974,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Wealth Management Partners LLC raised its position in Wells Fargo & Company by 3.5% in the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock valued at $313,000 after buying an additional 128 shares during the last quarter. Verum Partners LLC raised its position in Wells Fargo & Company by 1.8% in the 2nd quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock valued at $582,000 after buying an additional 128 shares during the last quarter. Motive Wealth Advisors increased its position in shares of Wells Fargo & Company by 3.7% during the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock valued at $293,000 after purchasing an additional 129 shares during the last quarter. Vivid Wealth Management LLC increased its position in shares of Wells Fargo & Company by 0.8% during the 2nd quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider's stock valued at $1,381,000 after purchasing an additional 133 shares during the last quarter. Finally, Lynch & Associates IN increased its position in shares of Wells Fargo & Company by 2.0% during the 2nd quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider's stock valued at $539,000 after purchasing an additional 135 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on WFC shares. Barclays raised their target price on Wells Fargo & Company from $87.00 to $94.00 and gave the company an "overweight" rating in a research report on Wednesday. Evercore ISI increased their price target on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 30th. Keefe, Bruyette & Woods increased their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "market perform" rating in a research note on Wednesday. Truist Financial increased their price target on Wells Fargo & Company from $88.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Bank of America increased their price target on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday. Nine research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average target price of $89.57.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $86.42 on Thursday. The business's 50-day moving average price is $80.97 and its two-hundred day moving average price is $76.74. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47. The stock has a market cap of $276.83 billion, a P/E ratio of 14.21, a PEG ratio of 1.37 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 1.07.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly 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 firm had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The company's revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 EPS. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal 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 issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is 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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