Wells Fargo & Company (NYSE:WFC) Shares Sold by Primecap Management Co. CA

Key Points

• Primecap Management Co. CA reduced its holdings in Wells Fargo & Company by 14.2%, now owning approximately 21.9 million shares valued at around $1.57 billion, accounting for 1.3% of its total portfolio.
• Wells Fargo recently declared an increased quarterly dividend of $0.45 per share, up from its previous dividend of $0.40, resulting in an annualized dividend yield of 2.3%.
• The company's latest earnings report showed an EPS of $1.54, exceeding expectations, with revenue rising slightly by 0.6% year-over-year to $20.82 billion.

Primecap Management Co. CA trimmed its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 14.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,902,649 shares of the financial services provider's stock after selling 3,636,535 shares during the quarter. Wells Fargo & Company makes up about 1.3% of Primecap Management Co. CA's holdings, making the stock its 20th biggest position. Primecap Management Co. CA owned 0.67% of Wells Fargo & Company worth $1,572,391,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Hemington Wealth Management increased its holdings in shares of Wells Fargo & Company by 6.6% in the 1st quarter. Hemington Wealth Management now owns 2,520 shares of the financial services provider's stock valued at $180,000 after acquiring an additional 156 shares during the period. Fi3 FINANCIAL ADVISORS LLC increased its holdings in shares of Wells Fargo & Company by 4.7% in the 1st quarter. Fi3 FINANCIAL ADVISORS LLC now owns 4,035 shares of the financial services provider's stock valued at $290,000 after acquiring an additional 182 shares during the period. WealthShield Partners LLC increased its holdings in shares of Wells Fargo & Company by 41.4% in the 1st quarter. WealthShield Partners LLC now owns 10,621 shares of the financial services provider's stock valued at $763,000 after acquiring an additional 3,109 shares during the period. Exencial Wealth Advisors LLC increased its holdings in shares of Wells Fargo & Company by 1.7% in the 1st quarter. Exencial Wealth Advisors LLC now owns 17,878 shares of the financial services provider's stock valued at $1,283,000 after acquiring an additional 301 shares during the period. Finally, MGB Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at $202,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of recent research reports. Raymond James Financial cut shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Truist Financial lifted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. TD Cowen began coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective on the stock. Finally, Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $80.39.

Wells Fargo & Company Trading Up 0.5%

NYSE:WFC opened at $77.95 on Wednesday. The company has a market capitalization of $253.66 billion, a PE ratio of 13.35, a price-to-earnings-growth ratio of 1.21 and a beta of 1.20. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 52-week low of $50.22 and a 52-week high of $84.83. The stock has a fifty day simple moving average of $78.73 and a 200-day simple moving average of $74.95.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results 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 business had revenue of $20.82 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.33 EPS. On average, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Wells Fargo & Company declared that its board has initiated a stock repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its stock is undervalued.

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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