KBC Group NV Reduces Position in Wells Fargo & Company $WFC

KBC Group NV lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 44.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 919,627 shares of the financial services provider’s stock after selling 737,720 shares during the quarter. KBC Group NV’s holdings in Wells Fargo & Company were worth $73,211,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. SEB Asset Management AB purchased a new stake in shares of Wells Fargo & Company during the first quarter worth $64,405,000. AIA Group Ltd boosted its holdings in shares of Wells Fargo & Company by 19.1% in the first quarter. AIA Group Ltd now owns 385,894 shares of the financial services provider’s stock worth $30,721,000 after acquiring an additional 62,001 shares during the period. Legacy Wealth Advisors LLC grew its position in shares of Wells Fargo & Company by 5.9% in the first quarter. Legacy Wealth Advisors LLC now owns 4,352 shares of the financial services provider’s stock valued at $346,000 after purchasing an additional 241 shares in the last quarter. Spartan Wealth Advisory Services LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter valued at $2,615,000. Finally, Freemont Management S.A. raised its stake in shares of Wells Fargo & Company by 258.8% during the 1st quarter. Freemont Management S.A. now owns 47,000 shares of the financial services provider’s stock valued at $3,742,000 after purchasing an additional 33,900 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $86.24 on Tuesday. The stock has a market cap of $263.90 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 0.96 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 1.09. The business has a 50-day simple moving average of $81.70 and a 200 day simple moving average of $83.63. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, May 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 26.16%.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of recent research reports. Bank of America increased their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Piper Sandler reaffirmed an “overweight” rating and set a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. JPMorgan Chase & Co. increased their price target on shares of Wells Fargo & Company from $86.50 to $93.50 and gave the stock a “neutral” rating in a report on Monday, July 6th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average price target of $98.50.

Wells Fargo & Company Profile

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.