Voleon Capital Management LP Reduces Stock Holdings in Wells Fargo & Company $WFC

Key Points

• Voleon Capital Management LP has reduced its stake in Wells Fargo & Company by 17.1%, now holding approximately $8.97 million worth of shares, making it the 29th largest position in its portfolio.
• Wells Fargo recently reported earnings per share (EPS) of $1.54, surpassing analyst expectations, while its revenue for the quarter was slightly below forecasts at $20.82 billion.
• The company announced a quarterly dividend increase to $0.45 per share, representing a 2.3% yield with a payout ratio of 30.82%.

Voleon Capital Management LP reduced its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 17.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 124,882 shares of the financial services provider's stock after selling 25,765 shares during the quarter. Wells Fargo & Company comprises approximately 0.7% of Voleon Capital Management LP's portfolio, making the stock its 29th biggest position. Voleon Capital Management LP's holdings in Wells Fargo & Company were worth $8,965,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Accretive Wealth Partners LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter valued at approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Wells Fargo & Company by 10.4% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock worth $54,471,000 after purchasing an additional 71,740 shares during the period. Secured Retirement Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter worth $408,000. RKL Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after purchasing an additional 5,113 shares during the period. Finally, Allianz SE lifted its holdings in shares of Wells Fargo & Company by 22.6% during the first quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after purchasing an additional 39,150 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WFC has been the subject of several recent research reports. The Goldman Sachs Group decreased their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. TD Cowen initiated coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price target for the company. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Bank of America increased their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus price target of $82.56.

Wells Fargo & Company Price Performance

NYSE:WFC traded up $0.25 during trading hours on Monday, hitting $79.21. The company's stock had a trading volume of 17,105,057 shares, compared to its average volume of 12,669,898. The business's 50-day moving average is $80.52 and its two-hundred day moving average is $75.01. The company has a market capitalization of $253.73 billion, a PE ratio of 13.56, a PEG ratio of 1.23 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 52-week low of $50.22 and a 52-week high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (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 analysts' expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.33 earnings per share. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a $0.45 dividend. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

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.