Wells Fargo & Company $WFC Shares Sold by Securian Asset Management Inc.

Key Points

• Securian Asset Management Inc. reduced its stake in Wells Fargo by 2.3%, holding 170,138 shares valued at approximately $13.6 million after selling 4,080 shares.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45 per share, resulting in an annualized dividend yield of 2.1%.
• Analysts are optimistic about Wells Fargo, with multiple upgrades and a current average price target of $89.57, reflecting a generally favorable consensus.

Securian Asset Management Inc. lessened its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 2.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 170,138 shares of the financial services provider's stock after selling 4,080 shares during the period. Securian Asset Management Inc.'s holdings in Wells Fargo & Company were worth $13,631,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. CBIZ Investment Advisory Services LLC lifted 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 purchasing an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the second quarter valued at $27,000. Motco lifted 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 purchasing an additional 326 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 $29,000. Finally, 1248 Management LLC purchased a new stake in shares of Wells Fargo & Company in the first quarter valued at $31,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $85.97 on Tuesday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The firm has a market cap of $275.39 billion, a price-to-earnings ratio of 14.14, a P/E/G ratio of 1.15 and a beta of 1.25. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $87.47. The business has a fifty day simple moving average of $81.38 and a 200 day simple moving average of $77.19.

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 dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 29.61%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on WFC shares. Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. TD Cowen increased their target price on Wells Fargo & Company from $90.00 to $93.00 and gave the company a "hold" rating in a report on Wednesday, October 15th. Cfra Research upgraded Wells Fargo & Company to a "moderate buy" rating in a report on Wednesday, October 15th. Keefe, Bruyette & Woods increased their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "market perform" rating in a report on Wednesday, October 15th. Finally, Truist Financial increased their price objective on Wells Fargo & Company from $88.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, October 15th. Ten equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $89.57.

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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