SeaBridge Investment Advisors LLC Lowers Holdings in Wells Fargo & Company $WFC

Key Points

• SeaBridge Investment Advisors LLC reduced its holdings in Wells Fargo by 27.3%, now owning 22,640 shares valued at approximately $1.81 million.
• Wells Fargo has increased their quarterly dividend from $0.40 to $0.45 per share, representing a dividend yield of 2.1% and an annualized dividend of $1.80.
• Analysts have raised their price targets for Wells Fargo, with Bank of America increasing its target from $83 to $90 and Truist Financial raising its target to $88.

SeaBridge Investment Advisors LLC trimmed its position in Wells Fargo & Company (NYSE:WFC) by 27.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,640 shares of the financial services provider's stock after selling 8,502 shares during the quarter. SeaBridge Investment Advisors LLC's holdings in Wells Fargo & Company were worth $1,814,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Wealth Management Partners LLC lifted its position 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 valued at $313,000 after acquiring an additional 128 shares in the last quarter. Verum Partners LLC lifted its position in Wells Fargo & Company by 1.8% during 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 in the last quarter. Motive Wealth Advisors lifted its position in Wells Fargo & Company by 3.7% during 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 in the last quarter. Lynch & Associates IN lifted its position in Wells Fargo & Company by 2.0% during the second quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider's stock worth $539,000 after buying an additional 135 shares in the last quarter. Finally, Financial Management Professionals Inc. lifted its position in Wells Fargo & Company by 19.3% during the second quarter. Financial Management Professionals Inc. now owns 854 shares of the financial services provider's stock worth $68,000 after buying 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 Trading Up 0.8%

Shares of NYSE WFC opened at $85.01 on Friday. Wells Fargo & Company has a twelve month low of $54.40 and a twelve month high of $86.65. 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 stock has a fifty day simple moving average of $80.84 and a 200-day simple moving average of $75.91. The stock has a market capitalization of $272.32 billion, a PE ratio of 14.56, a PEG ratio of 1.31 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. During the same period in the previous year, the firm posted $1.33 earnings per share. The company's revenue was up .6% on a year-over-year basis. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is currently 30.82%.

Analysts Set New Price Targets

A number of equities analysts recently commented on WFC shares. Truist Financial lifted their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a research report on Wednesday. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Bank of America lifted 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. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Finally, Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average 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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