Wells Fargo & Company $WFC Stake Reduced by Lingohr Asset Management GmbH

Key Points

• Lingohr Asset Management GmbH significantly reduced its stake in Wells Fargo & Company by 87.9%, lowering its holdings to 10,179 shares after selling 73,837 shares during the second quarter.
• The company has announced an increase in its quarterly dividend to $0.45, representing a dividend yield of 2.2% and a payout ratio of 30.82%.
• Wells Fargo's recent earnings report showed an increase in earnings per share to $1.54, surpassing estimates by $0.13, despite revenue slightly missing expectations.

Lingohr Asset Management GmbH reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 87.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,179 shares of the financial services provider's stock after selling 73,837 shares during the quarter. Wells Fargo & Company comprises approximately 1.5% of Lingohr Asset Management GmbH's holdings, making the stock its 22nd largest position. Lingohr Asset Management GmbH's holdings in Wells Fargo & Company were worth $816,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its stake in Wells Fargo & Company by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock worth $1,471,259,000 after buying an additional 128,207 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after buying an additional 7,894,919 shares during the last quarter. Boston Partners grew its stake in Wells Fargo & Company by 6.2% during the 1st quarter. Boston Partners now owns 8,953,009 shares of the financial services provider's stock worth $640,616,000 after buying an additional 523,107 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Wells Fargo & Company by 10.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider's stock worth $431,418,000 after buying an additional 544,473 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Wells Fargo & Company by 34.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider's stock worth $381,016,000 after buying an additional 1,365,629 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Up 0.3%

Shares of Wells Fargo & Company stock opened at $81.46 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a market cap of $260.95 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 1.27 and a beta of 1.25. The business has a fifty day simple moving average of $80.38 and a 200-day simple moving average of $75.14. Wells Fargo & Company has a fifty-two week low of $51.75 and a fifty-two week high of $84.83.

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, beating the consensus estimate of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company's revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.33 earnings per share. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's payout ratio is currently 30.82%.

Analyst Ratings Changes

A number of research analysts recently commented on WFC shares. Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Morgan Stanley increased their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Finally, Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus price target of $82.56.

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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.