Wells Fargo & Company $WFC Shares Sold by Brookmont Capital Management

Brookmont Capital Management cut its position in Wells Fargo & Company (NYSE:WFC) by 29.1% during the second quarter, HoldingsChannel.com reports. The fund owned 49,122 shares of the financial services provider’s stock after selling 20,146 shares during the period. Wells Fargo & Company makes up 2.3% of Brookmont Capital Management’s portfolio, making the stock its 12th largest position. Brookmont Capital Management’s holdings in Wells Fargo & Company were worth $3,936,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Accretive Wealth Partners LLC acquired a new position in Wells Fargo & Company during the first quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Wells Fargo & Company by 10.4% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock worth $54,471,000 after buying an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC acquired a new position in Wells Fargo & Company during the first quarter worth $408,000. RKL Wealth Management LLC raised its position in Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 5,113 shares during the period. Finally, Allianz SE lifted its stake in shares of Wells Fargo & Company by 22.6% in the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock valued at $15,244,000 after purchasing an additional 39,150 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on WFC shares. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Morgan Stanley lowered Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $87.00 to $90.00 in a research note on Monday. Evercore ISI upped their price target on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a research note on Tuesday. Wall Street Zen lowered Wells Fargo & Company from a “hold” rating to a “sell” rating in a research note on Friday, September 26th. Finally, Bank of America increased their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $83.74.

Wells Fargo & Company Price Performance

WFC stock opened at $80.94 on Thursday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market capitalization of $259.28 billion, a P/E ratio of 13.86, a P/E/G ratio of 1.29 and a beta of 1.25. The business’s 50-day moving average is $80.91 and its two-hundred day moving average is $76.15. Wells Fargo & Company has a 1 year low of $54.40 and a 1 year high of $86.65.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly 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. The company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.Wells Fargo & Company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the company earned $1.33 EPS. Analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a $0.45 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio is 30.82%.

Wells Fargo & Company Profile

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.