Wells Fargo & Company $WFC Holdings Cut by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Wells Fargo & Company by 4.1%, resulting in ownership of 733,540 shares valued at approximately $52.66 million.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45 per share, representing a 2.3% annualized dividend yield.
• During the last quarter, Wells Fargo reported $1.54 earnings per share, exceeding analysts' expectations of $1.41, along with a revenue of $20.82 billion.

Corebridge Financial Inc. lowered its position in Wells Fargo & Company (NYSE:WFC) by 4.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 733,540 shares of the financial services provider's stock after selling 31,681 shares during the quarter. Corebridge Financial Inc.'s holdings in Wells Fargo & Company were worth $52,661,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in WFC. Brighton Jones LLC increased its stake in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after purchasing an additional 25,436 shares during the period. Nebula Research & Development LLC acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $1,068,000. Capital Analysts LLC increased its stake in shares of Wells Fargo & Company by 23.4% in the fourth quarter. Capital Analysts LLC now owns 3,999 shares of the financial services provider's stock valued at $280,000 after purchasing an additional 759 shares during the period. Coldstream Capital Management Inc. increased its stake in shares of Wells Fargo & Company by 13.9% in the fourth quarter. Coldstream Capital Management Inc. now owns 50,072 shares of the financial services provider's stock valued at $3,517,000 after purchasing an additional 6,099 shares during the period. Finally, Oxford Asset Management LLP bought a new stake in Wells Fargo & Company during the fourth quarter worth approximately $501,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on WFC shares. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Truist Financial lifted 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. Finally, The Goldman Sachs Group decreased their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Eleven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average price target of $81.58.

Wells Fargo & Company Trading Up 1.6%

Shares of NYSE:WFC opened at $79.0680 on Monday. The firm has a fifty day moving average of $79.55 and a two-hundred day moving average of $74.88. The firm has a market capitalization of $253.29 billion, a P/E ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.20. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. 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 (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion during 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% on a year-over-year basis. During the same quarter last year, the business posted $1.33 EPS. On average, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be paid a dividend of $0.45 per share. This is an increase 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 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

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

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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