Weiss Asset Management LP Reduces Position in Wells Fargo & Company $WFC

Key Points

• Weiss Asset Management cut its Wells Fargo stake by 33.5% in the first quarter, selling 47,369 shares and leaving it with 94,200 shares worth about $7.5 million.
• Wells Fargo shares were modestly higher, opening at $86.39, giving the bank a market cap of about $264.4 billion and a trailing P/E ratio of 12.56.
• The company paid a quarterly dividend of $0.45 per share, or $1.80 annualized, for a yield of 2.1%, while analysts currently rate the stock a consensus “Moderate Buy” with a $98.50 average price target.

Weiss Asset Management LP decreased its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 33.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 94,200 shares of the financial services provider's stock after selling 47,369 shares during the quarter. Weiss Asset Management LP's holdings in Wells Fargo & Company were worth $7,499,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Godfrey Financial Associates Inc. acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $25,000. Miller Capital Partners Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $25,000. Navalign LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $26,000. Joseph Group Capital Management purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $28,000. Finally, Phillip James Consulting Co. acquired a new stake in shares of Wells Fargo & Company during the first quarter worth approximately $28,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.2%

WFC stock opened at $86.39 on Friday. The firm has a market cap of $264.37 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 0.94 and a beta of 0.92. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The firm has a fifty day moving average price of $82.72 and a two-hundred day moving average price of $83.51. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a dividend of $0.45 per share. The ex-dividend date was Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company's dividend payout ratio is 26.16%.

Analyst Ratings Changes

A number of brokerages recently issued reports on WFC. UBS Group dropped their price target on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a research note on Tuesday, July 7th. Truist Financial raised their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, June 26th. KGI Securities lowered shares of Wells Fargo & Company to a "hold" rating in a research note on Thursday, April 16th. Robert W. Baird upped their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Finally, Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average price target of $98.50.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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