UniSuper Management Pty Ltd Sells 4,892 Shares of Wells Fargo & Company $WFC

Key Points

• UniSuper Management Pty Ltd reduced its holdings in Wells Fargo by 0.3%, owning approximately 1.67 million shares valued at $119.56 million, making it the company's 19th largest holding.
• Morgan Stanley raised its price target for Wells Fargo shares from $77 to $87, currently giving the stock a consensus rating of "Moderate Buy" with a price target of $82.56.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45 per share, representing a 2.3% yield and reflecting a positive change in the company's financial strategy.

UniSuper Management Pty Ltd decreased its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 0.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,665,464 shares of the financial services provider's stock after selling 4,892 shares during the period. Wells Fargo & Company makes up 0.9% of UniSuper Management Pty Ltd's portfolio, making the stock its 19th largest holding. UniSuper Management Pty Ltd owned approximately 0.05% of Wells Fargo & Company worth $119,564,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of WFC. Safeguard Investment Advisory Group LLC boosted its position in Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after acquiring an additional 137 shares during the last quarter. Summit Wealth & Retirement Planning Inc. raised its stake in Wells Fargo & Company by 4.3% in the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock valued at $241,000 after acquiring an additional 139 shares during the period. Nwam LLC grew its holdings in Wells Fargo & Company by 1.6% in the 1st quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock valued at $632,000 after buying an additional 142 shares in the last quarter. PGIM Custom Harvest LLC grew its holdings in Wells Fargo & Company by 3.5% in the 1st quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider's stock valued at $303,000 after buying an additional 142 shares in the last quarter. Finally, Tradition Wealth Management LLC grew its holdings in Wells Fargo & Company by 0.5% in the 1st quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider's stock valued at $2,184,000 after buying an additional 143 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Ratings Changes

WFC has been the topic of several analyst reports. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. TD Cowen initiated coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price for the company. Truist Financial raised their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Finally, Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $82.56.

Wells Fargo & Company Stock Up 0.3%

Shares of NYSE:WFC traded up $0.25 during trading on Monday, reaching $79.21. 17,105,057 shares of the stock were exchanged, compared to its average volume of 12,669,898. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83. The stock has a fifty day moving average of $80.52 and a two-hundred day moving average of $75.01. The firm has a market cap of $253.73 billion, a price-to-earnings ratio of 13.56, a price-to-earnings-growth ratio of 1.23 and a beta of 1.25.

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 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 company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same period in the prior year, the firm earned $1.33 earnings per share. Wells Fargo & Company's revenue for the quarter was up .6% on a year-over-year basis. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.3%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

About Wells Fargo & Company

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.