Wells Fargo & Company $WFC Shares Sold by Hodges Capital Management Inc.

Key Points

• Hodges Capital Management Inc. reduced its stake in Wells Fargo by 13.6%, now holding 86,098 shares valued at approximately $6.18 million.
• Wells Fargo reported earnings of $1.54 per share for the last quarter, exceeding the forecast of $1.41, with a slight revenue increase of 0.6% year-over-year.
• The company recently raised its quarterly dividend to $0.45 per share, representing a 2.2% yield and a payout ratio of 30.82%.

Hodges Capital Management Inc. reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 13.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,098 shares of the financial services provider's stock after selling 13,514 shares during the period. Hodges Capital Management Inc.'s holdings in Wells Fargo & Company were worth $6,181,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Accretive Wealth Partners LLC acquired a new position in Wells Fargo & Company in the first quarter worth about $399,000. Banco Bilbao Vizcaya Argentaria S.A. grew its stake in 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 worth $54,471,000 after purchasing an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC acquired a new position in Wells Fargo & Company in the first quarter worth about $408,000. RKL Wealth Management LLC grew its stake in 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 worth $588,000 after purchasing an additional 5,113 shares in the last quarter. Finally, Allianz SE grew its stake in Wells Fargo & Company by 22.6% in the first quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after purchasing 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 Stock Performance

Shares of NYSE WFC opened at $81.14 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 stock has a 50 day simple moving average of $80.42 and a 200-day simple moving average of $75.12. The company has a market cap of $259.93 billion, a PE ratio of 13.89, a P/E/G ratio of 1.25 and a beta of 1.25. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.33 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Truist Financial lifted their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average price target of $82.56.

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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