Wells Fargo & Company $WFC Shares Sold by Benjamin Edwards Inc.

Key Points

• Benjamin Edwards Inc. cut its Wells Fargo stake by 28.8% in the second quarter, selling 15,899 shares and retaining 39,388 shares valued at approximately $3.26 million.
• Wells Fargo reported quarterly earnings of $1.96 per share, beating estimates of $1.73, while revenue rose 8.6% year over year to $22.62 billion.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $98.61; the company also raised its quarterly dividend from $0.45 to $0.50 per share.

Benjamin Edwards Inc. decreased its position in Wells Fargo & Company (NYSE:WFC) by 28.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,388 shares of the financial services provider's stock after selling 15,899 shares during the quarter. Benjamin Edwards Inc.'s holdings in Wells Fargo & Company were worth $3,255,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $25,000. Miller Capital Partners Inc. acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $25,000. Navalign LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $26,000. Phillip James Consulting Co. purchased a new stake in Wells Fargo & Company during the 1st quarter worth about $28,000. Finally, Core Wealth Advisors LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $29,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, May 7th. Truist Financial boosted their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, June 26th. Robert W. Baird upped their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods cut their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a report on Wednesday, July 15th. Finally, Bank of America boosted their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Trading Down 0.3%

NYSE WFC opened at $86.42 on Tuesday. The firm's fifty day moving average is $86.32 and its two-hundred day moving average is $82.59. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $261.33 billion, a PE ratio of 12.56, a P/E/G ratio of 0.94 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.60 earnings per share. Analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a $0.50 dividend. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. Wells Fargo & Company's payout ratio is 29.07%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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