State of Alaska Department of Revenue Sells 19,710 Shares of Wells Fargo & Company $WFC

Key Points

• The State of Alaska Department of Revenue sold 19,710 shares of Wells Fargo & Company, reducing its stake by 3.1%, leaving it with 608,687 shares valued at approximately $48.8 million.
• Wells Fargo recently raised its quarterly dividend from $0.40 to $0.45, representing an annualized yield of 2.1% with a payout ratio of 30.82%.
• Analysts have generally upgraded their ratings on Wells Fargo, with ten giving "buy" ratings and a consensus price target now around $82.97, reflecting positive sentiment on the stock's performance.

State of Alaska Department of Revenue reduced its stake in Wells Fargo & Company (NYSE:WFC) by 3.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 608,687 shares of the financial services provider's stock after selling 19,710 shares during the quarter. Wells Fargo & Company comprises approximately 0.5% of State of Alaska Department of Revenue's holdings, making the stock its 26th largest position. State of Alaska Department of Revenue's holdings in Wells Fargo & Company were worth $48,767,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in WFC. Wealth Management Partners LLC raised its holdings 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 worth $313,000 after acquiring an additional 128 shares during the last quarter. Verum Partners LLC raised its holdings 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 worth $582,000 after acquiring an additional 128 shares during the last quarter. Motive Wealth Advisors raised its holdings in Wells Fargo & Company by 3.7% in the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock worth $293,000 after acquiring an additional 129 shares during the last quarter. Lynch & Associates IN raised its holdings in Wells Fargo & Company by 2.0% in the 2nd quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider's stock worth $539,000 after acquiring an additional 135 shares during the last quarter. Finally, Financial Management Professionals Inc. raised its holdings in Wells Fargo & Company by 19.3% in the 2nd quarter. Financial Management Professionals Inc. now owns 854 shares of the financial services provider's stock worth $68,000 after acquiring an additional 138 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Trading Up 0.8%

NYSE:WFC opened at $85.01 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market capitalization of $272.32 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25. Wells Fargo & Company has a one year low of $54.40 and a one year high of $86.65. The business has a fifty day moving average price of $80.84 and a 200-day moving average price of $75.87.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.Wells Fargo & Company's revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.33 EPS. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

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

Analyst Upgrades and Downgrades

WFC has been the subject of a number of recent analyst reports. Bank of America boosted their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Citigroup boosted their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average price target 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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