OLD National Bancorp IN Sells 8,708 Shares of Wells Fargo & Company $WFC

OLD National Bancorp IN lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 2.4% during the 2nd quarter, Holdings Channel reports. The fund owned 361,200 shares of the financial services provider’s stock after selling 8,708 shares during the period. Wells Fargo & Company comprises approximately 0.5% of OLD National Bancorp IN’s holdings, making the stock its 29th largest position. OLD National Bancorp IN’s holdings in Wells Fargo & Company were worth $28,939,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Accretive Wealth Partners LLC bought a new stake in Wells Fargo & Company during the 1st quarter valued at $399,000. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in Wells Fargo & Company by 10.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after acquiring an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC bought a new stake in Wells Fargo & Company during the 1st quarter valued at $408,000. RKL Wealth Management LLC boosted its position in Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 5,113 shares in the last quarter. Finally, Allianz SE boosted its position in Wells Fargo & Company by 22.6% during the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock valued at $15,244,000 after acquiring an additional 39,150 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $80.63 on Friday. Wells Fargo & Company has a 52 week low of $55.98 and a 52 week high of $86.65. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $258.28 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.24 and a beta of 1.25. The stock’s 50-day moving average price is $80.77 and its 200-day moving average price is $76.31.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same period last year, the firm earned $1.33 EPS. The company’s quarterly revenue was up .6% on a year-over-year basis. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is presently 30.82%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on WFC shares. Morgan Stanley lowered Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $87.00 to $90.00 in a report on Monday, September 29th. Evercore ISI increased their price objective on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday. Dbs Bank upgraded Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. The Goldman Sachs Group decreased their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Finally, Truist Financial raised their target price on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.74.

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.