Wells Fargo & Company $WFC Stock: Great Lakes Retirement Inc. Lowers Holdings

Key Points

• Great Lakes Retirement Inc. cut its Wells Fargo stake by 44.4% in the third quarter, selling 23,955 shares and retaining 30,016 shares valued at approximately $2.4 million.
• Despite the reduction, institutional and hedge-fund investors own 75.9% of Wells Fargo, with several major firms recently establishing or expanding positions.
• Wells Fargo reported quarterly earnings of $1.87 per share, slightly above estimates, and declared a $0.50 quarterly dividend. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $98.08.

Great Lakes Retirement Inc. trimmed its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 44.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 30,016 shares of the financial services provider's stock after selling 23,955 shares during the period. Great Lakes Retirement Inc.'s holdings in Wells Fargo & Company were worth $2,403,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Legal & General Group Plc bought a new stake in Wells Fargo & Company during the 2nd quarter worth $1,635,881,000. Bank of New York Mellon Corp acquired a new position in Wells Fargo & Company in the 2nd quarter worth about $1,364,923,000. Amundi increased its holdings in Wells Fargo & Company by 73.0% in the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider's stock worth $1,310,663,000 after purchasing an additional 6,944,316 shares in the last quarter. Deutsche Bank AG bought a new position in Wells Fargo & Company in the second quarter valued at about $859,431,000. Finally, Pzena Investment Management LLC bought a new position in Wells Fargo & Company in the second quarter valued at about $729,502,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.1%

Shares of Wells Fargo & Company stock opened at $82.72 on Wednesday. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The stock has a market cap of $250.14 billion, a price-to-earnings ratio of 11.67 and a beta of 0.96. The company's fifty day moving average is $84.43 and its 200 day moving average is $83.87.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.85 by $0.02. The company had revenue of $21.87 billion during the quarter, compared to analyst estimates of $22.30 billion. The business's revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.66 earnings per share. As a group, equities analysts anticipate that Wells Fargo & Company will post 7.27 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 6th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, November 6th. Wells Fargo & Company's payout ratio is 28.21%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on WFC shares. Truist Financial lifted their price target on Wells Fargo & Company from $94.00 to $95.00 and gave the company a "buy" rating in a research note on Thursday, October 1st. The Goldman Sachs Group set a $94.00 price objective on Wells Fargo & Company in a research note on Tuesday, October 13th. HSBC began coverage on shares of Wells Fargo & Company in a report on Monday, September 28th. They issued a "buy" rating and a $108.00 price objective for the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a report on Thursday, October 15th. Finally, Citigroup cut their target price on shares of Wells Fargo & Company from $90.00 to $88.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $98.08.

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.

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