Wells Fargo & Company $WFC Stock: Verdence Capital Advisors LLC Reduces Holdings

Key Points

• Verdence Capital Advisors cut its Wells Fargo stake by 36.6% in the third quarter, selling 15,742 shares and retaining 27,260 shares valued at approximately $2.18 million. Institutional investors and hedge funds collectively own 75.9% of WFC.
• Analysts maintain a generally positive outlook, with Wells Fargo holding a consensus “Moderate Buy” rating and an average price target of $98.08; individual targets range from $88 to $108.
• Wells Fargo beat quarterly earnings expectations with $1.87 in EPS versus $1.85 forecast, though revenue fell short of estimates. The company also declared a quarterly dividend of $0.50 per share, equivalent to a 2.4% annual yield.

Verdence Capital Advisors LLC reduced its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 36.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 27,260 shares of the financial services provider's stock after selling 15,742 shares during the quarter. Verdence Capital Advisors LLC's holdings in Wells Fargo & Company were worth $2,182,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Bryn Mawr Trust Advisors LLC bought a new stake in Wells Fargo & Company in the second quarter worth approximately $658,000. WINTON GROUP Ltd acquired a new position in Wells Fargo & Company in the second quarter valued at approximately $16,259,000. Citizens Financial Group Inc. RI acquired a new position in Wells Fargo & Company in the second quarter valued at approximately $25,922,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Wells Fargo & Company in the second quarter valued at approximately $1,116,000. Finally, Whalen Wealth Management Inc. bought a new position in shares of Wells Fargo & Company during the 2nd quarter worth approximately $1,190,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. HSBC started coverage on Wells Fargo & Company in a report on Monday, September 28th. They set a "buy" rating and a $108.00 price target on the stock. Citigroup lowered their price objective on shares of Wells Fargo & Company from $90.00 to $88.00 and set a "neutral" rating for the company in a research note on Wednesday, October 14th. UBS Group lowered their price objective on shares of Wells Fargo & Company from $104.00 to $102.00 and set a "buy" rating for the company in a research note on Monday, October 5th. Bank of America boosted their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group set a $94.00 target price on shares of Wells Fargo & Company in a research note on Tuesday, October 13th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $98.08.

Wells Fargo & Company Trading Up 0.1%

WFC opened at $82.72 on Wednesday. The company's fifty day moving average price is $84.43 and its two-hundred day moving average price is $83.87. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The company has a market cap of $250.14 billion, a price-to-earnings ratio of 11.67 and a beta of 0.96.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released 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 business had revenue of $21.87 billion during the quarter, compared to the consensus estimate of $22.30 billion. The firm's quarterly revenue was up 2.0% on a year-over-year basis. During the same period last year, the business posted $1.66 earnings per share. As a group, equities analysts forecast that Wells Fargo & Company will post 7.27 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 6th will be issued 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 dividend payout ratio is currently 28.21%.

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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