Potentia Wealth Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

Key Points

• Potentia Wealth reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 22.6% during the first quarter, selling 5,000 shares and now owning 17,112 shares valued at approximately $1.23 million.
• Wells Fargo reported earnings per share of $1.54 for the last quarter, exceeding analysts' expectations of $1.41, and its revenue was slightly below estimates at $20.82 billion.
• The company announced a quarterly dividend increase to $0.45 per share, representing a yield of 2.3% and a dividend payout ratio of 27.4%.

Potentia Wealth reduced its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 22.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,112 shares of the financial services provider's stock after selling 5,000 shares during the period. Wells Fargo & Company makes up approximately 0.6% of Potentia Wealth's portfolio, making the stock its 27th biggest position. Potentia Wealth's holdings in Wells Fargo & Company were worth $1,228,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of WFC. Accretive Wealth Partners LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter worth about $399,000. Secured Retirement Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter worth about $408,000. RKL Wealth Management LLC lifted its position 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 in the last quarter. Allianz SE lifted its position 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 in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Wells Fargo & Company by 12.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock worth $45,783,000 after purchasing an additional 70,104 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 0.9%

WFC stock traded up $0.73 during midday trading on Friday, reaching $77.78. 14,121,735 shares of the company were exchanged, compared to its average volume of 18,813,622. 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 1-year low of $50.22 and a 1-year high of $84.83. The stock's 50-day simple moving average is $78.92 and its 200 day simple moving average is $74.97. The company has a market cap of $249.16 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.20 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 16.82% and a return on equity of 12.29%. The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm posted $1.33 earnings per share. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date is Friday, August 8th. Wells Fargo & Company's payout ratio is 27.40%.

Wells Fargo & Company declared that its Board of Directors has initiated a share repurchase program on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Truist Financial increased their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Bank of America increased their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $80.39.

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.