Wells Fargo & Company $WFC Shares Sold by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Wells Fargo by 7.1%, selling 748,130 shares, bringing its total to 9,821,569 shares valued at approximately $705 million.
• Wells Fargo recently declared a quarterly dividend of $0.45 per share, raising the annualized dividend to $1.80 and reflecting a 2.3% yield.
• Wells Fargo's stock has an average rating of "Moderate Buy" among analysts, with a price target of $81.58 and several institutions increasing their holdings over the last quarter.

Hotchkis & Wiley Capital Management LLC decreased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,821,569 shares of the financial services provider's stock after selling 748,130 shares during the period. Wells Fargo & Company comprises 2.4% of Hotchkis & Wiley Capital Management LLC's investment portfolio, making the stock its 9th biggest position. Hotchkis & Wiley Capital Management LLC owned approximately 0.30% of Wells Fargo & Company worth $705,090,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Safeguard Investment Advisory Group LLC lifted its stake in Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after acquiring an additional 137 shares in the last quarter. Summit Wealth & Retirement Planning Inc. increased its holdings in Wells Fargo & Company by 4.3% during the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock worth $241,000 after purchasing an additional 139 shares during the period. Nwam LLC increased its holdings in Wells Fargo & Company by 1.6% during the 1st quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock worth $632,000 after purchasing an additional 142 shares during the period. PGIM Custom Harvest LLC increased its holdings in Wells Fargo & Company by 3.5% during the 1st quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider's stock worth $303,000 after purchasing an additional 142 shares during the period. Finally, Tradition Wealth Management LLC increased its holdings in Wells Fargo & Company by 0.5% during the 1st quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider's stock worth $2,184,000 after purchasing an additional 143 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday. Truist Financial upped 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. Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Finally, TD Cowen assumed coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price target on the stock. Eleven analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $81.58.

Wells Fargo & Company Stock Performance

NYSE:WFC traded up $1.2380 during mid-day trading on Friday, reaching $79.0680. 11,281,046 shares of the stock were exchanged, compared to its average volume of 13,475,062. The company has a 50 day simple moving average of $79.55 and a 200-day simple moving average of $74.88. The stock has a market capitalization of $253.29 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.23 and a beta of 1.20. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1 year low of $50.22 and a 1 year high of $84.83.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion for 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 firm's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 EPS. Analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be paid a dividend of $0.45 per share. The ex-dividend date is Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

Wells Fargo & Company declared that its board has initiated a share repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

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.