Sound Shore Management Inc. CT Trims Stock Holdings in Wells Fargo & Company $WFC

Sound Shore Management Inc. CT lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 902,430 shares of the financial services provider’s stock after selling 17,625 shares during the quarter. Wells Fargo & Company makes up 2.4% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 25th biggest position. Sound Shore Management Inc. CT’s holdings in Wells Fargo & Company were worth $71,842,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Godfrey Financial Associates Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $25,000. Miller Capital Partners Inc. acquired a new stake in Wells Fargo & Company in the 4th quarter valued at approximately $25,000. Navalign LLC acquired a new stake in Wells Fargo & Company in the 4th quarter valued at approximately $26,000. Joseph Group Capital Management purchased a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Finally, Core Wealth Advisors LLC purchased a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $29,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Key Wells Fargo & Company News

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo reported stronger-than-expected Q2 results, with adjusted EPS of $1.96 topping Wall Street’s $1.72 estimate, driven by higher fee income, investment banking activity and net interest income. Wells Fargo CEO Says America Is Still Spending Big—Even With Inflation Concerns
• Positive Sentiment: Wells Fargo was upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about its earnings outlook and adding another bullish signal for investors. Wells Fargo (WFC) Upgraded to Buy: Here’s What You Should Know
• Positive Sentiment: Analysts remain constructive after the bank’s earnings beat, with industry commentary highlighting strong Q2 performance across major banks including Wells Fargo. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo also appeared in commentary noting that big bank earnings beat estimates, but some of the profit strength came from lower loan-loss reserves, which may be less repeatable going forward. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo’s housing-market index showed weaker homebuilder confidence in July, a modest macroeconomic headwind for the bank’s mortgage-related business. U.S. Homebuilder Confidence Unexpectedly Deteriorates In July

Wells Fargo & Company Stock Up 0.0%

Shares of NYSE WFC opened at $87.52 on Monday. The stock has a market cap of $267.82 billion, a P/E ratio of 12.72, a PEG ratio of 0.96 and a beta of 0.92. The business’s fifty day simple moving average is $81.44 and its 200-day simple moving average is $83.69. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company’s payout ratio is currently 26.16%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on WFC shares. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Jefferies Financial Group assumed coverage on Wells Fargo & Company in a research note on Thursday, March 26th. They set a “buy” rating and a $100.00 target price on the stock. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Bank of America lifted their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Wells Fargo & Company from $86.50 to $93.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average target price of $98.50.

Wells Fargo & Company 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.