Wells Fargo & Company $WFC Shares Sold by Apollon Wealth Management LLC

Apollon Wealth Management LLC lessened its position in Wells Fargo & Company (NYSE:WFC) by 2.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 78,652 shares of the financial services provider’s stock after selling 1,785 shares during the period. Apollon Wealth Management LLC’s holdings in Wells Fargo & Company were worth $6,302,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in WFC. CBIZ Investment Advisory Services LLC lifted its stake in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 322 shares during the period. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at about $27,000. Motco lifted its stake in shares of 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 purchasing an additional 326 shares during the period. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter valued at about $29,000. Finally, 1248 Management LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter valued at about $31,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on WFC. Phillip Securities cut shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Morgan Stanley cut shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $87.00 to $90.00 in a research note on Monday, September 29th. 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 research note on Tuesday, September 23rd. The Goldman Sachs Group reduced their price objective 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, Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus target price of $85.41.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $77.74 on Friday. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $86.65. The firm has a 50 day moving average price of $80.63 and a 200 day moving average price of $76.53. The company has a market cap of $249.04 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.25 and a beta of 1.25. 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) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the firm earned $1.33 earnings per share. Wells Fargo & Company’s revenue was up .6% compared to the same quarter last year. 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 business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date was Friday, August 8th. 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%. Wells Fargo & Company’s payout ratio is presently 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.