Yousif Capital Management LLC Sells 11,188 Shares of Wells Fargo & Company $WFC

Key Points

• Yousif Capital Management LLC reduced its stake in Wells Fargo by 2.3%, selling 11,188 shares and now holding 467,793 shares valued at approximately $37.48 million.
• Analysts have mixed ratings for Wells Fargo, with Piper Sandler maintaining an "overweight" rating, while Morgan Stanley downgraded the stock from "overweight" to "equal weight" and raised its target price to $90.
• Wells Fargo recently declared a quarterly dividend of $0.45 per share, an increase from the previous $0.40, indicating a solid annual yield of 2.3%.

Yousif Capital Management LLC lowered its position in Wells Fargo & Company (NYSE:WFC) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 467,793 shares of the financial services provider's stock after selling 11,188 shares during the quarter. Yousif Capital Management LLC's holdings in Wells Fargo & Company were worth $37,480,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in WFC. CBIZ Investment Advisory Services LLC lifted its stake in Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 322 shares during the last quarter. McElhenny Sheffield Capital Management LLC acquired a new stake in Wells Fargo & Company in the second quarter valued at $27,000. Motco lifted its stake in Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new stake in Wells Fargo & Company in the first quarter valued at $29,000. Finally, 1248 Management LLC acquired a new stake in Wells Fargo & Company in the first quarter valued at $31,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Morgan Stanley cut shares of Wells Fargo & Company from an "overweight" rating to an "equal weight" rating and raised their target price for the stock from $87.00 to $90.00 in a research note on Monday, September 29th. Citigroup raised their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 23rd. The Goldman Sachs Group cut their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Finally, Raymond James Financial cut shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Nine equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $85.41.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $77.74 on Monday. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $86.65. The firm has a market cap of $249.04 billion, a price-to-earnings ratio of 13.31, a P/E/G ratio of 1.25 and a beta of 1.25. The firm's 50-day simple moving average is $80.63 and its 200 day simple moving average is $76.56. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same period last year, the firm earned $1.33 earnings per share. Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year. As a group, 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 firm also recently declared 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 positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company's payout ratio is 30.82%.

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.

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