Hodges Capital Management Inc. Cuts Stock Holdings in Wells Fargo & Company $WFC

Hodges Capital Management Inc. lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 51.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,301 shares of the financial services provider’s stock after selling 43,529 shares during the quarter. Hodges Capital Management Inc.’s holdings in Wells Fargo & Company were worth $3,208,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Godfrey Financial Associates Inc. purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $25,000. Miller Capital Partners Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at $25,000. Navalign LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at $26,000. Joseph Group Capital Management purchased a new position in Wells Fargo & Company in the 4th quarter valued at $28,000. Finally, Core Wealth Advisors LLC acquired a new stake in Wells Fargo & Company during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $87.45 on Tuesday. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76. The business’s fifty day simple moving average is $80.05 and its 200-day simple moving average is $84.17. The firm has a market cap of $267.61 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.02. The business had revenue of $11.62 billion during the quarter, compared to analysts’ expectations of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The company’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.39 EPS. Equities analysts forecast that Wells Fargo & Company will post 6.98 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a dividend of $0.45 per share. The ex-dividend date was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 27.78%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a report on Monday, April 20th. Truist Financial raised their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. JPMorgan Chase & Co. boosted their price target on shares of Wells Fargo & Company from $86.50 to $93.50 and gave the stock a “neutral” rating in a research report on Monday. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Finally, HSBC upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a report on Wednesday, April 1st. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $98.71.

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.