First Citizens Bank & Trust Co. Has $2.26 Million Holdings in Wells Fargo & Company $WFC

First Citizens Bank & Trust Co. cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 22.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,257 shares of the financial services provider’s stock after selling 8,375 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Wells Fargo & Company were worth $2,264,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Wealth Management Partners LLC raised its stake in shares of Wells Fargo & Company by 3.5% in the second quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 128 shares in the last quarter. Verum Partners LLC raised its stake in shares of Wells Fargo & Company by 1.8% in the second quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider’s stock valued at $582,000 after purchasing an additional 128 shares in the last quarter. Motive Wealth Advisors raised its stake in shares of Wells Fargo & Company by 3.7% in the second quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider’s stock valued at $293,000 after purchasing an additional 129 shares in the last quarter. Exencial Wealth Advisors LLC raised its stake in shares of Wells Fargo & Company by 0.7% in the second quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider’s stock valued at $1,443,000 after purchasing an additional 131 shares in the last quarter. Finally, Vivid Wealth Management LLC raised its stake in shares of Wells Fargo & Company by 0.8% in the second quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider’s stock valued at $1,381,000 after purchasing an additional 133 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $84.35 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a fifty day moving average price of $81.71 and a two-hundred day moving average price of $77.44. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $87.47. The firm has a market capitalization of $270.22 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.15 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.11. The firm had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.42 earnings per share. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a dividend of $0.45 per share. The ex-dividend date was Friday, August 8th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.61%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on WFC. Cfra Research upgraded Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Barclays upped their target price on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Citigroup upped their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company 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.