Wells Fargo & Company (NYSE:WFC) Stock Position Decreased by Leith Wheeler Investment Counsel Ltd.

Key Points

• Leith Wheeler Investment Counsel Ltd. reduced its stake in Wells Fargo by 5.5%, now owning 681,958 shares valued at approximately $48.96 million, making it the fund's second largest holding.
• Wells Fargo recently declared a quarterly dividend increase to $0.45 per share, raising its annual yield to 2.3% with an expiring ex-dividend date of August 8th.
• Despite mixed analyst ratings, Wells Fargo reported $1.54 EPS for the last quarter, exceeding expectations and showing a 0.6% revenue increase compared to the previous year.

Leith Wheeler Investment Counsel Ltd. lowered its stake in Wells Fargo & Company (NYSE:WFC) by 5.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 681,958 shares of the financial services provider's stock after selling 39,781 shares during the period. Wells Fargo & Company accounts for about 3.4% of Leith Wheeler Investment Counsel Ltd.'s holdings, making the stock its 2nd largest holding. Leith Wheeler Investment Counsel Ltd.'s holdings in Wells Fargo & Company were worth $48,958,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in WFC. Accretive Wealth Partners LLC purchased a new stake in Wells Fargo & Company during the 1st quarter valued at $399,000. Secured Retirement Advisors LLC purchased a new stake in Wells Fargo & Company during the 1st quarter valued at $408,000. RKL Wealth Management LLC boosted its stake in Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after purchasing an additional 5,113 shares during the last quarter. Allianz SE boosted its stake in Wells Fargo & Company by 22.6% during the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock valued at $15,244,000 after purchasing an additional 39,150 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Wells Fargo & Company by 12.1% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock valued at $45,783,000 after purchasing an additional 70,104 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $79.45 on Wednesday. Wells Fargo & Company has a one year low of $50.22 and a one year high of $84.83. The stock's fifty day moving average is $79.06 and its 200 day moving average is $74.97. The stock has a market cap of $254.51 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.21 and a beta of 1.20. 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 (NYSE:WFC - Get Free Report) last issued its quarterly 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. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The business had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the business posted $1.33 EPS. Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

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

Wells Fargo & Company Increases Dividend

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

Analyst Ratings Changes

Several analysts have commented on the company. The Goldman Sachs Group cut their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Phillip Securities downgraded Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Morgan Stanley increased their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Finally, Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price 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.

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