Wedge Capital Management L L P NC Trims Stock Holdings in Wells Fargo & Company $WFC

Key Points

• Wedge Capital Management L L P NC decreased its stake in Wells Fargo & Company by 1.8%, now holding 476,887 shares worth approximately $38.2 million.
• Wells Fargo's stock has seen significant interest from institutional investors, with hedge funds owning 75.90% of its shares.
• The company recently increased its quarterly dividend to $0.45 per share, reflecting a positive change from the previous $0.40, resulting in an annualized dividend yield of 2.1%.

Wedge Capital Management L L P NC reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 476,887 shares of the financial services provider's stock after selling 8,902 shares during the quarter. Wedge Capital Management L L P NC's holdings in Wells Fargo & Company were worth $38,208,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of WFC. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock worth $76,095,550,000 after acquiring an additional 949,735,001 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in 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 worth $771,092,000 after buying an additional 7,894,919 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Wells Fargo & Company by 7,887.9% in the first 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 during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $198,801,000. Finally, Strs Ohio bought a new stake in Wells Fargo & Company during the 1st quarter valued at $109,643,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

WFC has been the topic of several research analyst reports. Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus price target of $82.56.

Wells Fargo & Company Price Performance

NYSE WFC opened at $84.61 on Friday. Wells Fargo & Company has a fifty-two week low of $53.31 and a fifty-two week high of $84.93. The firm has a market cap of $271.04 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25. The stock's 50-day moving average is $80.44 and its two-hundred day moving average is $75.37. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

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 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 company had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the business earned $1.33 earnings per share. The company's quarterly revenue was up .6% on a year-over-year basis. On average, analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a $0.45 dividend. 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 a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio 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.

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