TD Asset Management Inc Trims Position in Wells Fargo & Company $WFC

Key Points

• TD Asset Management Inc reduced its stake in Wells Fargo & Company by 18.0% in Q2, now holding 1,327,888 shares valued at approximately $106.39 million.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45, representing an annualized yield of 2.1%.
• Despite some analysts upgrading their ratings, Wells Fargo's stock currently holds an average rating of "Moderate Buy" with a consensus target price of $86.77.

TD Asset Management Inc lessened its stake in Wells Fargo & Company (NYSE:WFC) by 18.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,327,888 shares of the financial services provider's stock after selling 292,455 shares during the period. TD Asset Management Inc's holdings in Wells Fargo & Company were worth $106,390,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Livforsakringsbolaget Skandia Omsesidigt increased its stake in Wells Fargo & Company by 2,735,254.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock worth $76,095,550,000 after buying an additional 949,735,001 shares during the period. Dimensional Fund Advisors LP increased its stake in Wells Fargo & Company by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock worth $1,471,259,000 after buying an additional 128,207 shares during the period. Massachusetts Financial Services Co. MA increased its position in Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after purchasing an additional 7,894,919 shares during the period. Pzena Investment Management LLC increased its position in Wells Fargo & Company by 5.5% during the 2nd quarter. Pzena Investment Management LLC now owns 10,371,812 shares of the financial services provider's stock valued at $830,990,000 after purchasing an additional 542,493 shares during the period. Finally, Boston Partners increased its position in Wells Fargo & Company by 6.2% during the 1st quarter. Boston Partners now owns 8,953,009 shares of the financial services provider's stock valued at $640,616,000 after purchasing an additional 523,107 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on WFC. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Saturday, October 4th. Citigroup raised their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, September 23rd. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Finally, The Goldman Sachs Group cut their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $86.77.

Wells Fargo & Company Stock Up 7.1%

WFC stock opened at $84.51 on Wednesday. The firm has a 50 day moving average of $80.79 and a 200 day moving average of $76.67. The stock has a market capitalization of $270.71 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 1.27 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 1.06. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $86.65.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping analysts' consensus estimates of $1.55 by $0.11. The company had revenue of $21.44 billion during the quarter, compared to analysts' expectations of $21.11 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the business earned $1.42 EPS. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

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