Wells Fargo & Company $WFC Shares Sold by Brandywine Oak Private Wealth LLC

Key Points

• Brandywine Oak Private Wealth LLC significantly reduced its stake in Wells Fargo & Company by 64.8%, holding 3,853 shares after selling 7,084 shares in the second quarter.
• Recent analyst reports have shown a mix of upgrades and downgrades, with the current consensus rating being "Moderate Buy" and a price target of $85.41.
• Wells Fargo announced an increase in its quarterly dividend to $0.45, marking an annualized dividend of $1.80 and a yield of 2.3%.

Brandywine Oak Private Wealth LLC cut its position in Wells Fargo & Company (NYSE:WFC) by 64.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,853 shares of the financial services provider's stock after selling 7,084 shares during the period. Brandywine Oak Private Wealth LLC's holdings in Wells Fargo & Company were worth $309,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Accretive Wealth Partners LLC acquired a new stake in Wells Fargo & Company during the first quarter worth about $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in shares of Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock valued at $54,471,000 after acquiring an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC purchased a new position in shares of Wells Fargo & Company in the first quarter valued at approximately $408,000. RKL Wealth Management LLC lifted its position in shares of Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after acquiring an additional 5,113 shares in the last quarter. Finally, Three Bridge Wealth Advisors LLC purchased a new position in Wells Fargo & Company during the second quarter worth approximately $364,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WFC has been the subject of several recent analyst reports. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Saturday, October 4th. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Evercore ISI lifted their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Finally, The Goldman Sachs Group decreased their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $85.41.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $79.79 on Friday. 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 50 day moving average is $80.63 and its two-hundred day moving average is $76.48. Wells Fargo & Company has a 12-month low of $57.35 and a 12-month high of $86.65. The stock has a market capitalization of $255.60 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.29 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $20.83 billion. During the same quarter in the previous year, the firm posted $1.33 EPS. The firm's quarterly revenue was up .6% on a year-over-year basis. Research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. 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%.

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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