Orion Portfolio Solutions LLC reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 38,239 shares of the financial services provider’s stock after selling 1,753 shares during the period. Orion Portfolio Solutions LLC’s holdings in Wells Fargo & Company were worth $1,498,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vise Technologies Inc. bought a new position in shares of Wells Fargo & Company during the 1st quarter valued at about $269,000. IFM Investors Pty Ltd raised its position in shares of Wells Fargo & Company by 17.3% during the 1st quarter. IFM Investors Pty Ltd now owns 628,740 shares of the financial services provider’s stock valued at $30,469,000 after buying an additional 92,802 shares in the last quarter. Alyeska Investment Group L.P. raised its position in Wells Fargo & Company by 153.5% during the first quarter. Alyeska Investment Group L.P. now owns 760,564 shares of the financial services provider’s stock valued at $36,857,000 after purchasing an additional 460,534 shares during the period. Ensign Peak Advisors Inc boosted its holdings in shares of Wells Fargo & Company by 4.2% in the 1st quarter. Ensign Peak Advisors Inc now owns 4,145,967 shares of the financial services provider’s stock worth $200,913,000 after purchasing an additional 167,097 shares during the period. Finally, Qtron Investments LLC increased its position in shares of Wells Fargo & Company by 45.9% during the 1st quarter. Qtron Investments LLC now owns 37,189 shares of the financial services provider’s stock valued at $1,802,000 after purchasing an additional 11,706 shares during the last quarter. Institutional investors own 72.23% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have commented on WFC shares. Morgan Stanley raised their price objective on Wells Fargo & Company from $59.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, July 18th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Wells Fargo & Company from $62.00 to $60.00 and set a “buy” rating for the company in a report on Monday, September 12th. Royal Bank of Canada reduced their price target on Wells Fargo & Company from $55.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, July 1st. Barclays cut their target price on Wells Fargo & Company from $64.00 to $58.00 and set an “overweight” rating on the stock in a research note on Monday, July 18th. Finally, Piper Sandler set a $48.00 price target on shares of Wells Fargo & Company in a report on Monday, June 20th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.97.
Wells Fargo & Company Price Performance
Wells Fargo & Company (NYSE:WFC – Get Rating) last posted its earnings results on Friday, July 15th. The financial services provider reported $0.74 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.03). Wells Fargo & Company had a return on equity of 10.67% and a net margin of 22.52%. The company had revenue of $17.03 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same period last year, the business earned $1.38 earnings per share. The firm’s revenue was down 16.0% on a year-over-year basis. Research analysts predict that Wells Fargo & Company will post 4 earnings per share for the current year.
Wells Fargo & Company Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 5th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.89%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.25. The ex-dividend date was Thursday, August 4th. Wells Fargo & Company’s payout ratio is 28.78%.
Wells Fargo & Company Company Profile
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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