Heartland Bank & Trust Co Reduces Stock Position in Wells Fargo & Company $WFC

Heartland Bank & Trust Co cut its stake in Wells Fargo & Company (NYSE:WFC) by 2.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 6,735 shares of the financial services provider’s stock after selling 149 shares during the quarter. Heartland Bank & Trust Co’s holdings in Wells Fargo & Company were worth $540,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. CBIZ Investment Advisory Services LLC grew its position in shares of Wells Fargo & Company by 585.5% in the first 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. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $27,000. Motco raised its stake in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 326 shares during the period. Accent Capital Management LLC purchased a new position in Wells Fargo & Company during the first quarter worth approximately $29,000. Finally, 1248 Management LLC purchased a new position in Wells Fargo & Company during the first quarter worth approximately $31,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group cut their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Cowen reissued a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Morgan Stanley downgraded shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $87.00 to $90.00 in a research note on Monday, September 29th. Finally, Truist Financial raised their price target on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Nine equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $85.41.

Wells Fargo & Company Price Performance

WFC opened at $78.92 on Tuesday. The company has a fifty day simple moving average of $80.66 and a 200 day simple moving average of $76.61. The firm has a market cap of $252.80 billion, a price-to-earnings ratio of 13.51, a PEG ratio of 1.25 and a beta of 1.25. Wells Fargo & Company has a twelve month low of $58.42 and a twelve 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.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business’s revenue was up .6% on a year-over-year basis. During the same period last year, the business earned $1.33 EPS. Equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.3%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

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.