Wells Fargo & Company $WFC Stake Cut by UMB Bank n.a.

Key Points

• UMB Bank n.a. has decreased its stake in Wells Fargo & Company by 3.3% in the second quarter, bringing its total holdings to 90,916 shares valued at approximately $7.28 million.
• Wells Fargo recently announced an increase in its quarterly dividend to $0.45 per share, up from $0.40, reflecting a dividend yield of 2.1%.
• Analysts have a consensus rating of "Moderate Buy" for Wells Fargo stock, with a price target averaging $82.56.

UMB Bank n.a. reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 3.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,916 shares of the financial services provider's stock after selling 3,124 shares during the period. UMB Bank n.a.'s holdings in Wells Fargo & Company were worth $7,284,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of WFC. CBIZ Investment Advisory Services LLC raised its stake in shares of Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after purchasing an additional 322 shares in the last quarter. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company during the 1st quarter worth about $29,000. Motco raised its stake in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares in the last quarter. Nova Wealth Management Inc. raised its stake in shares of Wells Fargo & Company by 112.9% during the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider's stock worth $34,000 after purchasing an additional 227 shares in the last quarter. Finally, 1248 Management LLC purchased a new stake in shares of Wells Fargo & Company during the 1st quarter worth about $31,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $84.61 on Friday. Wells Fargo & Company has a 1-year low of $53.31 and a 1-year high of $84.93. The firm has a market capitalization of $271.04 billion, a PE ratio of 14.49, a PEG ratio of 1.32 and a beta of 1.25. The business's 50 day moving average is $80.44 and its 200-day moving average is $75.38. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same quarter last year, the firm earned $1.33 EPS. Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year. Sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. Wells Fargo & Company's dividend payout ratio is 30.82%.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of recent research reports. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Morgan Stanley raised their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. The Goldman Sachs Group cut their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Finally, Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $82.56.

Wells Fargo & Company Profile

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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