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

Key Points

• Maltese Capital Management LLC reduced its Wells Fargo stake by 24.5% in the fourth quarter, selling 19,000 shares and leaving it with 58,500 shares worth about $5.45 million.
• Institutional ownership remains heavy, with several large funds adding to or initiating positions in Wells Fargo; overall, hedge funds and other institutions own 75.9% of the stock.
• The article highlights mixed fundamentals: Wells Fargo beat quarterly EPS estimates and continued paying a $0.45 dividend, while analysts currently rate the stock Moderate Buy with a consensus target price of $97.53.

Maltese Capital Management LLC trimmed its stake in Wells Fargo & Company (NYSE:WFC) by 24.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 58,500 shares of the financial services provider's stock after selling 19,000 shares during the quarter. Maltese Capital Management LLC's holdings in Wells Fargo & Company were worth $5,452,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of WFC. Norges Bank acquired a new position in Wells Fargo & Company in the 4th quarter worth approximately $4,512,563,000. Capital Research Global Investors raised its stake in shares of Wells Fargo & Company by 4.9% during the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock worth $3,487,687,000 after purchasing an additional 1,760,484 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider's stock valued at $1,975,600,000 after buying an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Wells Fargo & Company by 13.0% in the fourth 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 acquiring an additional 2,369,260 shares during the last quarter. Finally, Boston Partners boosted its holdings in Wells Fargo & Company by 5.2% in the fourth quarter. Boston Partners now owns 9,606,215 shares of the financial services provider's stock worth $895,466,000 after purchasing an additional 477,745 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo was named the preferred mortgage lender for ICON’s 3D-printed homes, a partnership that could expand its role in affordable housing finance and create a new source of mortgage business. Wells Fargo Ties 3D Printed Home Lending To Housing Affordability Story
• Positive Sentiment: The arrangement with ICON highlights Wells Fargo’s push into innovative housing solutions, which may help support long-term mortgage origination growth if 3D-printed homebuilding gains traction. Wells Fargo Named as ICON Preferred Mortgage Lender to Support 3D‑Printed Homes
• Neutral Sentiment: Wells Fargo and the NAHB reported that U.S. homebuilder sentiment fell to 35 in June, reflecting pressure from elevated mortgage rates and higher materials costs. That is more a sign of a tougher housing market than a direct company-specific setback. U.S. Homebuilder Sentiment Slips as Mortgage Rates Remain Elevated
• Neutral Sentiment: Another NAHB/Wells Fargo survey showed homebuilder confidence weakening slightly more than expected in June, reinforcing the cautious backdrop for housing demand. U.S. Homebuilder Confidence Dips Slightly More Than Expected In June
• Negative Sentiment: Rising mortgage rates and softer builder sentiment could weigh on housing-related lending volumes, limiting near-term upside for Wells Fargo’s mortgage franchise. US Homebuilder Sentiment Falls, Driven by Drop in South

Analysts Set New Price Targets

A number of analysts have commented on WFC shares. Morgan Stanley reduced their price objective on Wells Fargo & Company from $108.00 to $100.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 31st. KGI Securities lowered Wells Fargo & Company to a "hold" rating in a research note on Thursday, April 16th. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Sunday. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating on the stock in a report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus target price of $97.53.

Wells Fargo & Company Trading Down 0.7%

WFC stock opened at $83.18 on Tuesday. The firm has a market cap of $254.56 billion, a P/E ratio of 12.84, a P/E/G ratio of 0.98 and a beta of 0.93. The business's 50 day moving average is $79.61 and its 200-day moving average is $84.65. Wells Fargo & Company has a 1-year low of $72.30 and a 1-year high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. During the same period last year, the company earned $1.39 earnings per share. The company's revenue was up 6.4% on a year-over-year basis. Equities analysts anticipate that Wells Fargo & Company will post 6.84 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Friday, May 8th. Wells Fargo & Company's payout ratio is presently 27.78%.

About Wells Fargo & Company

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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