DAVENPORT & Co LLC Has $74.73 Million Holdings in Wells Fargo & Company $WFC

DAVENPORT & Co LLC cut its position in Wells Fargo & Company (NYSE:WFC) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 901,929 shares of the financial services provider’s stock after selling 11,156 shares during the quarter. DAVENPORT & Co LLC’s holdings in Wells Fargo & Company were worth $74,734,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in Wells Fargo & Company by 19.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 532,300 shares of the financial services provider’s stock worth $49,610,000 after purchasing an additional 84,902 shares during the last quarter. Swiss Life Asset Management Ltd lifted its holdings in shares of Wells Fargo & Company by 4.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider’s stock valued at $32,673,000 after acquiring an additional 14,168 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Wells Fargo & Company by 4.4% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider’s stock worth $38,446,000 after buying an additional 17,302 shares during the period. Norges Bank acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $4,512,563,000. Finally, Winning Points Advisors LLC acquired a new stake in Wells Fargo & Company during the 4th quarter valued at $3,384,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Up 1.7%

WFC stock opened at $88.96 on Thursday. The stock has a market cap of $269.02 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92. The firm’s 50-day simple moving average is $85.47 and its 200 day simple moving average is $83.05. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. During the same period in the previous year, the business posted $1.60 EPS. Wells Fargo & Company’s revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts predict that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio is presently 29.07%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research note on Wednesday, July 15th. UBS Group cut their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Morgan Stanley lifted their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Finally, JPMorgan Chase & Co. boosted their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.61.

Trending Headlines about Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo launched tokenized deposits for corporate and commercial customers, enabling 24/7 blockchain-based settlement while keeping funds within the insured banking system. The service could improve transaction speed, strengthen client relationships and create future payment-related revenue opportunities. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story (WFC)?
• Positive Sentiment: The tokenized-deposit initiative was presented as part of a wider effort to pair balance-sheet strength with new digital infrastructure. Investors may view the move as evidence that Wells Fargo is investing more aggressively in growth and modernizing its commercial-banking platform. Wells Fargo (WFC) Bets On Blockchain, But Can The Rally Continue?
• Neutral Sentiment: Wells Fargo issued callable, unsecured senior notes with maturities ranging from 2029 to 2051 and announced perpetual, non-cumulative depositary shares. The transactions can support funding and capital flexibility, but they also add financing obligations and do not immediately establish a material earnings benefit. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story (WFC)?
• Neutral Sentiment: Separate Wells Fargo commentary on NVIDIA’s artificial-intelligence infrastructure financing and Microsoft’s position as AI costs decline reflects the bank’s broader technology-sector research, but it does not materially change Wells Fargo’s own earnings outlook. Nvidia Is Going Beyond GPUs in the AI Boom, Wells Fargo Says

About Wells Fargo & Company

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.