MBL Wealth LLC Sells 126 Shares of Wells Fargo & Company $WFC

MBL Wealth LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 2.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,880 shares of the financial services provider’s stock after selling 126 shares during the period. MBL Wealth LLC’s holdings in Wells Fargo & Company were worth $471,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. CBIZ Investment Advisory Services LLC raised its position in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the last quarter. Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter valued at approximately $29,000. Motco raised its position in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares during the last quarter. Nova Wealth Management Inc. raised its position in shares of Wells Fargo & Company by 112.9% in the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 227 shares during the last quarter. Finally, 1248 Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter valued at approximately $31,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

WFC opened at $80.63 on Friday. Wells Fargo & Company has a 12-month low of $55.98 and a 12-month high of $86.65. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $258.28 billion, a PE ratio of 13.81, a P/E/G ratio of 1.24 and a beta of 1.25. The firm has a 50 day moving average of $80.77 and a two-hundred day moving average of $76.31.

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, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period last year, the firm posted $1.33 EPS. Wells Fargo & Company’s revenue for the quarter was up .6% compared to the same quarter last year. On average, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company 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. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s payout ratio is presently 30.82%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Morgan Stanley lowered shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $87.00 to $90.00 in a research report on Monday, September 29th. Truist Financial increased their price objective on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Finally, Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $83.74.

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.