Western Financial Corp CA Sells 9,835 Shares of Wells Fargo & Company $WFC

Key Points

• Western Financial Corp CA reduced its holdings in Wells Fargo & Company by 10.2%, selling 9,835 shares during the second quarter, which now accounts for about 3.7% of their portfolio.
• Wells Fargo recently increased its quarterly dividend to $0.45, reflecting an annualized yield of 2.1%, up from the previous dividend of $0.40.
• Analysts have given Wells Fargo a consensus rating of "Moderate Buy" with an average price target of $82.97, following several changes in price objectives from different financial firms.

Western Financial Corp CA cut its position in Wells Fargo & Company (NYSE:WFC) by 10.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 86,377 shares of the financial services provider's stock after selling 9,835 shares during the period. Wells Fargo & Company comprises about 3.7% of Western Financial Corp CA's portfolio, making the stock its 3rd largest position. Western Financial Corp CA's holdings in Wells Fargo & Company were worth $6,921,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. LVW Advisors LLC raised its holdings in Wells Fargo & Company by 6.8% in the second quarter. LVW Advisors LLC now owns 7,218 shares of the financial services provider's stock worth $578,000 after purchasing an additional 461 shares during the period. ORG Wealth Partners LLC raised its holdings in Wells Fargo & Company by 1,013.9% in the second quarter. ORG Wealth Partners LLC now owns 880 shares of the financial services provider's stock worth $72,000 after purchasing an additional 801 shares during the period. West Branch Capital LLC raised its holdings in Wells Fargo & Company by 12.7% in the second quarter. West Branch Capital LLC now owns 24,899 shares of the financial services provider's stock worth $1,995,000 after purchasing an additional 2,808 shares during the period. Signaturefd LLC raised its holdings in shares of Wells Fargo & Company by 1.6% during the second quarter. Signaturefd LLC now owns 63,173 shares of the financial services provider's stock worth $5,061,000 after acquiring an additional 1,019 shares during the period. Finally, Gradient Capital Advisors LLC raised its holdings in shares of Wells Fargo & Company by 14.0% during the second quarter. Gradient Capital Advisors LLC now owns 4,720 shares of the financial services provider's stock worth $378,000 after acquiring an additional 580 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WFC has been the topic of a number of research analyst reports. Bank of America raised their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Truist Financial raised their price objective on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average price target of $82.97.

Wells Fargo & Company Stock Up 0.8%

Wells Fargo & Company stock opened at $85.01 on Friday. The company has a market cap of $272.32 billion, a P/E ratio of 14.56, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25. Wells Fargo & Company has a 1-year low of $54.40 and a 1-year high of $86.65. The company has a fifty day simple moving average of $80.84 and a 200 day simple moving average of $75.87. 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 released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.33 earnings per share. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Wells Fargo & Company 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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