Prudent Man Advisors LLC Trims Stock Position in Wells Fargo & Company $WFC

Prudent Man Advisors LLC lowered its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 12.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,370 shares of the financial services provider’s stock after selling 2,328 shares during the quarter. Prudent Man Advisors LLC’s holdings in Wells Fargo & Company were worth $1,312,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Wealth Management Partners LLC increased its position in shares of Wells Fargo & Company by 3.5% during the 2nd 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 during the last quarter. Verum Partners LLC increased its holdings in Wells Fargo & Company by 1.8% in the 2nd quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider’s stock worth $582,000 after acquiring an additional 128 shares in the last quarter. Motive Wealth Advisors increased its holdings in Wells Fargo & Company by 3.7% in the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider’s stock worth $293,000 after acquiring an additional 129 shares in the last quarter. Exencial Wealth Advisors LLC increased its holdings in Wells Fargo & Company by 0.7% in the 2nd quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider’s stock worth $1,443,000 after acquiring an additional 131 shares in the last quarter. Finally, Vivid Wealth Management LLC increased its holdings in Wells Fargo & Company by 0.8% in the 2nd quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider’s stock worth $1,381,000 after acquiring an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 2.2%

WFC stock opened at $86.35 on Friday. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $87.47. 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 company has a market capitalization of $276.61 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.19 and a beta of 1.25. The business has a 50 day simple moving average of $81.89 and a two-hundred day simple moving average of $77.72.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. During the same period in the prior year, the company posted $1.42 EPS. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. Research 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 declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio is currently 29.61%.

Analyst Upgrades and Downgrades

WFC has been the subject of several analyst reports. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Keefe, Bruyette & Woods increased their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, October 15th. Evercore ISI increased their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Truist Financial increased their target price on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Finally, TD Cowen increased their target price on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Wednesday, October 15th. Eleven 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

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.