Hennessy Advisors Inc. Sells 1,000 Shares of Wells Fargo & Company $WFC

Hennessy Advisors Inc. lowered its stake in Wells Fargo & Company (NYSE:WFC) by 1.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 91,000 shares of the financial services provider’s stock after selling 1,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Wells Fargo & Company were worth $7,291,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in WFC. Brighton Jones LLC lifted its holdings in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Annex Advisory Services LLC lifted its holdings in shares of Wells Fargo & Company by 20.1% in the first quarter. Annex Advisory Services LLC now owns 6,008 shares of the financial services provider’s stock worth $431,000 after acquiring an additional 1,007 shares during the last quarter. Vest Financial LLC lifted its holdings in shares of Wells Fargo & Company by 73.5% in the first quarter. Vest Financial LLC now owns 27,256 shares of the financial services provider’s stock worth $1,957,000 after acquiring an additional 11,547 shares during the last quarter. Foster Group Inc. lifted its holdings in shares of Wells Fargo & Company by 5.0% in the first quarter. Foster Group Inc. now owns 41,396 shares of the financial services provider’s stock worth $2,972,000 after acquiring an additional 1,974 shares during the last quarter. Finally, MRA Advisory Group lifted its holdings in shares of Wells Fargo & Company by 17.0% in the first quarter. MRA Advisory Group now owns 3,651 shares of the financial services provider’s stock worth $262,000 after acquiring an additional 530 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on WFC. Evercore ISI raised their price objective on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday. Truist Financial raised their price objective on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Wells Fargo & Company in a report on Saturday, September 27th. Finally, Citigroup raised their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.74.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $80.63 on Friday. The company has a market capitalization of $258.28 billion, a PE ratio of 13.81, a P/E/G ratio of 1.24 and a beta of 1.25. The company has a 50 day simple moving average of $80.77 and a two-hundred day simple moving average of $76.28. 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 has a fifty-two week low of $55.98 and a fifty-two week high of $86.65.

Wells Fargo & Company (NYSE:WFC) 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 company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 EPS. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is currently 30.82%.

Wells Fargo & 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.