Wells Fargo & Company $WFC Shares Sold by GTS Securities LLC

GTS Securities LLC cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 61.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,163 shares of the financial services provider’s stock after selling 14,472 shares during the quarter. GTS Securities LLC’s holdings in Wells Fargo & Company were worth $757,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alyeska Investment Group L.P. raised its holdings in Wells Fargo & Company by 183.0% in the 2nd quarter. Alyeska Investment Group L.P. now owns 307,759 shares of the financial services provider’s stock valued at $25,433,000 after buying an additional 199,014 shares during the period. Cookson Peirce & Co. Inc. boosted its stake in Wells Fargo & Company by 11.0% during the second quarter. Cookson Peirce & Co. Inc. now owns 27,376 shares of the financial services provider’s stock worth $2,262,000 after buying an additional 2,705 shares during the period. Meiji Yasuda Life Insurance Co boosted its stake in Wells Fargo & Company by 0.7% during the second quarter. Meiji Yasuda Life Insurance Co now owns 47,434 shares of the financial services provider’s stock worth $3,920,000 after buying an additional 311 shares during the period. New Mexico Educational Retirement Board increased its position in shares of Wells Fargo & Company by 4.8% during the second quarter. New Mexico Educational Retirement Board now owns 153,916 shares of the financial services provider’s stock valued at $12,720,000 after acquiring an additional 7,000 shares during the last quarter. Finally, Mufg Securities Americas Inc. raised its stake in shares of Wells Fargo & Company by 8.8% in the 2nd quarter. Mufg Securities Americas Inc. now owns 101,193 shares of the financial services provider’s stock valued at $8,363,000 after acquiring an additional 8,150 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on WFC. UBS Group lowered their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Robert W. Baird upped their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Morgan Stanley lifted their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Finally, Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Stock Down 0.1%

Shares of NYSE WFC opened at $86.62 on Monday. The business’s fifty day simple moving average is $86.27 and its 200-day simple moving average is $82.63. 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 has a 12-month low of $72.78 and a 12-month high of $97.76. The stock has a market cap of $261.94 billion, a P/E ratio of 12.59, a PEG ratio of 0.94 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. During the same quarter last year, the business posted $1.60 EPS. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts predict that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. Wells Fargo & Company’s dividend payout ratio is 29.07%.

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.