Wells Fargo & Company $WFC Shares Sold by DnB Asset Management AS

Key Points

• DnB Asset Management AS reduced its stake in Wells Fargo by 4.5%, now holding 585,727 shares valued at approximately $42 million.
• Wells Fargo reported $1.54 earnings per share in its latest quarterly results, exceeding analysts' expectations of $1.41, with a revenue of $20.82 billion.
• The company announced an increased quarterly dividend of $0.45, up from $0.40, reflecting a yield of 2.2% and a payout ratio of 30.82%.

DnB Asset Management AS decreased its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 585,727 shares of the financial services provider's stock after selling 27,597 shares during the quarter. DnB Asset Management AS's holdings in Wells Fargo & Company were worth $42,049,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WFC. Accretive Wealth Partners LLC purchased a new position in Wells Fargo & Company during the first quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in shares of Wells Fargo & Company by 10.4% during 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 buying an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC acquired a new stake in Wells Fargo & Company in the first quarter worth approximately $408,000. RKL Wealth Management LLC boosted its stake in shares of 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 in the last quarter. Finally, Allianz SE lifted its stake in Wells Fargo & Company by 22.6% in 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 in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

WFC opened at $80.51 on Thursday. The stock has a 50-day moving average price of $80.51 and a 200-day moving average price of $75.06. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The stock has a market capitalization of $257.89 billion, a P/E ratio of 13.79, a PEG ratio of 1.28 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released 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 business had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 earnings per share. Equities analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Analyst Ratings Changes

WFC has been the subject of several recent research reports. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Truist Financial lifted their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. The Goldman Sachs Group decreased their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Finally, Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $82.56.

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.

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