Financiere des Professionnels Fonds d investissement inc. Cuts Stock Position in Wells Fargo & Company $WFC

Financiere des Professionnels Fonds d investissement inc. decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 61.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,290 shares of the financial services provider’s stock after selling 58,166 shares during the quarter. Financiere des Professionnels Fonds d investissement inc.’s holdings in Wells Fargo & Company were worth $2,889,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $4,512,563,000. Capital Research Global Investors lifted its stake in shares of Wells Fargo & Company by 4.9% during the fourth quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider’s stock worth $3,487,687,000 after purchasing an additional 1,760,484 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Wells Fargo & Company by 0.9% during the fourth quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider’s stock worth $1,975,600,000 after purchasing an additional 188,186 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Wells Fargo & Company by 13.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock worth $1,922,257,000 after buying an additional 2,369,260 shares during the period. Finally, Boston Partners boosted its position in shares of Wells Fargo & Company by 5.2% in the fourth quarter. Boston Partners now owns 9,606,215 shares of the financial services provider’s stock worth $895,466,000 after buying an additional 477,745 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 0.4%

Shares of NYSE WFC opened at $87.89 on Friday. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The firm has a market cap of $268.98 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.00 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50-day simple moving average is $81.20 and its 200-day simple moving average is $83.74.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.58 by $0.02. The business had revenue of $11.62 billion for the quarter, compared to analysts’ expectations of $21.85 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.39 earnings per share. As a group, equities analysts anticipate that Wells Fargo & Company will post 7.02 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, May 8th. Wells Fargo & Company’s dividend payout ratio is presently 26.16%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on WFC. Morgan Stanley raised their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Truist Financial upped their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. KGI Securities lowered shares of Wells Fargo & Company to a “hold” rating in a research note on Thursday, April 16th. Finally, The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $109.00 to $93.00 and set a “buy” rating on the stock in a research note on Monday, March 23rd. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.50.

Key Stories Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo’s Q2 results topped expectations, helped by stronger lending activity, higher net interest income, and solid fee growth, which has reinforced the view that the bank is benefiting from a supportive operating backdrop. Wells Fargo (WFC) Had a Better Q2 than the Market Expected
• Positive Sentiment: The company also announced plans to increase its third-quarter common dividend by 11% to $0.50 per share, reinforcing capital-return appeal for income-focused investors. Wells Fargo intends to hike Q3 common stock dividend by 11% to $0.50
• Positive Sentiment: Several analysts remain upbeat, with one reiterating a Buy rating and keeping a $102 price target, citing re-rating potential after the earnings beat. Wells Fargo: Buy Rating Reiterated as Analyst Sees Re-Rating Potential and Keeps $102 Price Target Unchanged

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.