Wells Fargo & Company $WFC Shares Sold by Robertson Stephens Wealth Management LLC

Key Points

• Robertson Stephens Wealth Management LLC reduced its holdings in Wells Fargo & Company by 10.2%, resulting in ownership of 44,354 shares valued at approximately $3.55 million.
• Analysts have set new price targets for Wells Fargo, with Truist Financial raising their target from $86.00 to $88.00 and Evercore ISI increasing it from $94.00 to $98.00, reflecting a generally positive outlook on the stock.
• Wells Fargo's recent quarterly dividend was increased from $0.40 to $0.45 per share, representing an annualized dividend of $1.80 with a yield of 2.3%.

Robertson Stephens Wealth Management LLC cut its position in Wells Fargo & Company (NYSE:WFC) by 10.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,354 shares of the financial services provider's stock after selling 5,039 shares during the quarter. Robertson Stephens Wealth Management LLC's holdings in Wells Fargo & Company were worth $3,554,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. McElhenny Sheffield Capital Management LLC purchased a new stake in Wells Fargo & Company during the 2nd quarter valued at approximately $27,000. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 322 shares in the last quarter. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the first quarter valued at about $29,000. Motco boosted its holdings in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 326 shares in the last quarter. Finally, Nova Wealth Management Inc. boosted its holdings in shares of Wells Fargo & Company by 112.9% in the second quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 227 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Truist Financial boosted their target price on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Evercore ISI increased their price objective on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 30th. The Goldman Sachs Group cut their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Citigroup raised their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday, September 23rd. Finally, Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Saturday, October 4th. Nine analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $85.41.

Wells Fargo & Company Stock Up 0.1%

WFC stock opened at $79.79 on Friday. The stock has a market capitalization of $255.60 billion, a P/E ratio of 13.66, a PEG ratio of 1.29 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a one year low of $57.35 and a one year high of $86.65. The company has a 50 day moving average price of $80.63 and a two-hundred day moving average price of $76.48.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion during 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%. Wells Fargo & Company's revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $1.33 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is currently 30.82%.

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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