Triangle Securities Wealth Management Lowers Holdings in Wells Fargo & Company $WFC

Key Points

• Triangle Securities Wealth Management reduced its holdings in Wells Fargo by 13.6% in Q2, owning 29,899 shares worth approximately $2.4 million after selling 4,708 shares.
• Wells Fargo recently declared a quarterly dividend of $0.45 per share, up from its previous dividend of $0.40, with a 2.2% yield.
• After reporting Q2 earnings, Wells Fargo had a return on equity of 12.29% and a net margin of 16.82%, with an EPS of $1.54, beating the consensus estimate.

Triangle Securities Wealth Management decreased its holdings in Wells Fargo & Company (NYSE:WFC) by 13.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,899 shares of the financial services provider's stock after selling 4,708 shares during the quarter. Triangle Securities Wealth Management's holdings in Wells Fargo & Company were worth $2,395,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Livforsakringsbolaget Skandia Omsesidigt grew its holdings 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 valued at $76,095,550,000 after buying an additional 949,735,001 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Wells Fargo & Company by 277.4% in 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 in the last quarter. GAMMA Investing LLC lifted its stake in shares of Wells Fargo & Company by 7,887.9% in the 1st quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock valued at $243,589,000 after purchasing an additional 3,350,605 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $198,801,000. Finally, Strs Ohio acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at about $109,643,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

WFC stock opened at $83.51 on Friday. 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 firm has a market cap of $267.51 billion, a P/E ratio of 14.30, a P/E/G ratio of 1.28 and a beta of 1.25. Wells Fargo & Company has a 12-month low of $53.31 and a 12-month high of $84.83. The stock's 50 day simple moving average is $80.40 and its 200 day simple moving average is $75.30.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. The business had revenue of $20.82 billion for 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%.The business's revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.33 EPS. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors 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 2.2%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Phillip Securities lowered Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Truist Financial lifted their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $82.56.

Wells Fargo & Company 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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