Wells Fargo & Company $WFC Shares Sold by Clifford Swan Investment Counsel LLC

Key Points

• Clifford Swan Investment Counsel LLC trimmed its Wells Fargo stake by 3.7% in the first quarter, selling 17,047 shares and leaving it with 437,593 shares valued at about $34.8 million.
• Wells Fargo reported better-than-expected second-quarter results, with adjusted EPS of $1.96 versus the $1.72 estimate, helped by stronger fee income, investment banking activity, and net interest income.
• Analysts remain generally positive on the stock, with 14 Buy ratings and 10 Hold ratings; the consensus target price is about $98.50 even after some recent target cuts.

Clifford Swan Investment Counsel LLC lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 3.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 437,593 shares of the financial services provider's stock after selling 17,047 shares during the period. Wells Fargo & Company accounts for approximately 1.2% of Clifford Swan Investment Counsel LLC's portfolio, making the stock its 23rd largest holding. Clifford Swan Investment Counsel LLC's holdings in Wells Fargo & Company were worth $34,837,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Norges Bank acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $4,512,563,000. Mawer Investment Management Ltd. lifted its stake in Wells Fargo & Company by 177.7% in the 4th quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider's stock valued at $454,455,000 after buying an additional 3,120,399 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Wells Fargo & Company by 13.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider's stock valued at $1,922,257,000 after buying an additional 2,369,260 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in Wells Fargo & Company during the 4th quarter valued at $173,651,000. Finally, Capital Research Global Investors increased its position in Wells Fargo & Company by 4.9% during the fourth quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock worth $3,487,687,000 after buying an additional 1,760,484 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo reported stronger-than-expected Q2 results, with adjusted EPS of $1.96 topping Wall Street’s $1.72 estimate, driven by higher fee income, investment banking activity and net interest income. Wells Fargo CEO Says America Is Still Spending Big—Even With Inflation Concerns
• Positive Sentiment: Wells Fargo was upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about its earnings outlook and adding another bullish signal for investors. Wells Fargo (WFC) Upgraded to Buy: Here's What You Should Know
• Positive Sentiment: Analysts remain constructive after the bank’s earnings beat, with industry commentary highlighting strong Q2 performance across major banks including Wells Fargo. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo also appeared in commentary noting that big bank earnings beat estimates, but some of the profit strength came from lower loan-loss reserves, which may be less repeatable going forward. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo’s housing-market index showed weaker homebuilder confidence in July, a modest macroeconomic headwind for the bank’s mortgage-related business. U.S. Homebuilder Confidence Unexpectedly Deteriorates In July

Wells Fargo & Company Stock Down 0.6%

WFC stock opened at $87.52 on Friday. The company has a 50 day moving average price of $81.44 and a two-hundred day moving average price of $83.77. 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 stock has a market capitalization of $267.82 billion, a P/E ratio of 12.72, a PEG ratio of 0.98 and a beta of 0.92. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. During the same quarter in the prior year, the company posted $1.39 EPS. The business's revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, sell-side analysts expect that Wells Fargo & Company will post 7.12 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, May 8th. Wells Fargo & Company's dividend payout ratio is presently 26.16%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods cut their price target on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a report on Wednesday. Jefferies Financial Group initiated coverage on Wells Fargo & Company in a research note on Thursday, March 26th. They set a "buy" rating and a $100.00 price objective on the stock. Piper Sandler reiterated an "overweight" rating and set a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday. Finally, Truist Financial upped their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average target price of $98.50.

Wells Fargo & Company Company Profile

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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