Wells Fargo & Company $WFC Holdings Decreased by Gamco Investors INC. ET AL

Key Points

• Gamco Investors INC. ET AL reduced its stake in Wells Fargo by 7.5%, owning 702,648 shares valued at approximately $50.4 million after selling 57,086 shares in Q1.
• Wells Fargo's recent quarterly earnings report showed $1.54 earnings per share, exceeding the estimate of $1.41, along with a 0.6% year-over-year revenue increase.
• The company announced a $0.45 quarterly dividend, representing a 12.5% increase from the previous dividend of $0.40, with a yield of 2.2%.

Gamco Investors INC. ET AL lowered its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 7.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 702,648 shares of the financial services provider's stock after selling 57,086 shares during the quarter. Gamco Investors INC. ET AL's holdings in Wells Fargo & Company were worth $50,443,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Accretive Wealth Partners LLC acquired a new position in Wells Fargo & Company during the 1st quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in Wells Fargo & Company by 10.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock worth $54,471,000 after acquiring an additional 71,740 shares during the period. Secured Retirement Advisors LLC acquired a new position in Wells Fargo & Company during the 1st quarter worth $408,000. RKL Wealth Management LLC boosted its position 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 worth $588,000 after acquiring an additional 5,113 shares during the period. Finally, Allianz SE boosted its position 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 worth $15,244,000 after acquiring an additional 39,150 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 1.4%

NYSE:WFC opened at $80.19 on Tuesday. The firm has a market capitalization of $256.88 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 1.23 and a beta of 1.20. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The business's fifty day moving average price is $79.69 and its 200 day moving average price is $74.88.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.Wells Fargo & Company's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.33 earnings per share. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

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

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is currently 30.82%.

Wall Street Analysts Forecast Growth

WFC has been the subject of several research reports. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Finally, Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.58.

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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