Wells Fargo & Company $WFC Shares Sold by Sound Shore Management Inc. CT

Key Points

• Sound Shore Management slightly reduced its Wells Fargo stake in the first quarter, selling 17,625 shares and ending with 902,430 shares worth about $71.8 million. Wells Fargo remained a meaningful holding, making up 2.4% of the fund’s portfolio.
• Institutional ownership is still very high, with hedge funds and other institutional investors holding about 75.9% of Wells Fargo shares. The article also noted several large investors increased or established positions in the bank.
• Analysts remain broadly constructive on Wells Fargo, with a consensus rating of Moderate Buy and a price target of $98.50. Recent commentary was also upbeat after Wells Fargo reported stronger-than-expected Q2 earnings and received a Zacks upgrade to Buy.

Sound Shore Management Inc. CT trimmed its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 902,430 shares of the financial services provider's stock after selling 17,625 shares during the period. Wells Fargo & Company comprises about 2.4% of Sound Shore Management Inc. CT's portfolio, making the stock its 25th largest holding. Sound Shore Management Inc. CT's holdings in Wells Fargo & Company were worth $71,842,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $4,512,563,000. Capital Research Global Investors lifted its holdings in Wells Fargo & Company by 4.9% in the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock valued at $3,487,687,000 after purchasing an additional 1,760,484 shares in the last quarter. Legal & General Group Plc boosted its stake in 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 worth $1,975,600,000 after purchasing an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Wells Fargo & Company by 13.0% during 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 worth $1,922,257,000 after buying an additional 2,369,260 shares in the last quarter. Finally, Boston Partners grew its holdings in shares of Wells Fargo & Company by 5.2% during the fourth quarter. Boston Partners now owns 9,606,215 shares of the financial services provider's stock worth $895,466,000 after buying an additional 477,745 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on WFC. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a report on Monday, April 20th. UBS Group decreased their target price on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Barclays lowered their target price on Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating on the stock in a report on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods cut their price target on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $98.50.

More Wells Fargo & Company News

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

• Positive Sentiment: Wells Fargo reported stronger-than-expected Q2 results, with adjusted EPS of $1.96 topping Wall Street’s $1.72 estimate, driven by higher fee income, investment banking activity and net interest income. Wells Fargo CEO Says America Is Still Spending Big—Even With Inflation Concerns
• Positive Sentiment: Wells Fargo was upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about its earnings outlook and adding another bullish signal for investors. Wells Fargo (WFC) Upgraded to Buy: Here's What You Should Know
• Positive Sentiment: Analysts remain constructive after the bank’s earnings beat, with industry commentary highlighting strong Q2 performance across major banks including Wells Fargo. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo also appeared in commentary noting that big bank earnings beat estimates, but some of the profit strength came from lower loan-loss reserves, which may be less repeatable going forward. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo’s housing-market index showed weaker homebuilder confidence in July, a modest macroeconomic headwind for the bank’s mortgage-related business. U.S. Homebuilder Confidence Unexpectedly Deteriorates In July

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $87.52 on Monday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The stock has a market cap of $267.82 billion, a P/E ratio of 12.72, a PEG ratio of 0.96 and a beta of 0.92. The company has a 50-day moving average price of $81.44 and a 200 day moving average price of $83.69. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued a dividend of $0.45 per share. The ex-dividend date was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 26.16%.

Wells Fargo & Company Company Profile

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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