Assetmark Inc. Sells 32,353 Shares of Wells Fargo & Company $WFC

Assetmark Inc. lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 2.9% in the 1st quarter, Holdings Channel reports. The firm owned 1,064,434 shares of the financial services provider’s stock after selling 32,353 shares during the period. Assetmark Inc.’s holdings in Wells Fargo & Company were worth $84,740,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. Diversified Trust Co. increased its holdings in Wells Fargo & Company by 59.7% in the 4th quarter. Diversified Trust Co. now owns 35,285 shares of the financial services provider’s stock worth $3,289,000 after acquiring an additional 13,196 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Wells Fargo & Company by 19.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 532,300 shares of the financial services provider’s stock worth $49,610,000 after purchasing an additional 84,902 shares during the last quarter. Swiss Life Asset Management Ltd boosted its position in shares of Wells Fargo & Company by 4.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider’s stock valued at $32,673,000 after acquiring an additional 14,168 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Wells Fargo & Company by 4.4% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider’s stock worth $38,446,000 after acquiring an additional 17,302 shares in the last quarter. Finally, Winning Points Advisors LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $3,384,000. Institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent analyst reports. Morgan Stanley increased their target price on shares of 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. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Truist Financial raised their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Finally, KGI Securities lowered Wells Fargo & Company to a “hold” rating in a research note on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $98.50.

Wells Fargo & Company Price Performance

Shares of WFC opened at $87.89 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The company has a 50 day moving average price of $81.20 and a 200-day moving average price of $83.74. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The stock has a market capitalization of $268.98 billion, a PE ratio of 12.78, a PEG ratio of 1.00 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company had revenue of $11.62 billion during the quarter, compared to the consensus estimate of $21.85 billion. During the same quarter in the previous year, the firm posted $1.39 earnings per share. Wells Fargo & Company’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities analysts predict that Wells Fargo & Company will post 7.02 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, May 8th. Wells Fargo & Company’s payout ratio is 26.16%.

Key Headlines Impacting Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo’s Q2 results topped expectations, helped by stronger lending activity, higher net interest income, and solid fee growth, which has reinforced the view that the bank is benefiting from a supportive operating backdrop. Wells Fargo (WFC) Had a Better Q2 than the Market Expected
• Positive Sentiment: The company also announced plans to increase its third-quarter common dividend by 11% to $0.50 per share, reinforcing capital-return appeal for income-focused investors. Wells Fargo intends to hike Q3 common stock dividend by 11% to $0.50
• Positive Sentiment: Several analysts remain upbeat, with one reiterating a Buy rating and keeping a $102 price target, citing re-rating potential after the earnings beat. Wells Fargo: Buy Rating Reiterated as Analyst Sees Re-Rating Potential and Keeps $102 Price Target Unchanged

Wells Fargo & 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.