Prentice Wealth Management LLC Reduces Position in Wells Fargo & Company $WFC

Prentice Wealth Management LLC decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 5.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,042 shares of the financial services provider’s stock after selling 545 shares during the period. Prentice Wealth Management LLC’s holdings in Wells Fargo & Company were worth $724,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of WFC. Livforsakringsbolaget Skandia Omsesidigt increased its position in Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock worth $76,095,550,000 after buying an additional 949,735,001 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Wells Fargo & Company by 277.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock worth $771,092,000 after buying an additional 7,894,919 shares in the last quarter. Strs Ohio purchased a new position in Wells Fargo & Company during the first quarter worth $109,643,000. Canada Pension Plan Investment Board increased its position in Wells Fargo & Company by 34.6% during the first quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock worth $381,016,000 after buying an additional 1,365,629 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Wells Fargo & Company by 30.5% during the first quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider’s stock worth $353,668,000 after purchasing an additional 1,152,181 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on WFC. Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Bank of America raised their price objective on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Barclays raised their price objective on Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Cfra Research upgraded Wells Fargo & Company to a “moderate buy” 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, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $84.35 on Friday. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47. The stock has a market capitalization of $270.22 billion, a P/E ratio of 13.87, a PEG ratio of 1.15 and a beta of 1.25. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The business’s fifty day moving average price is $81.71 and its 200 day moving average price is $77.44.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $21.44 billion for the quarter, compared to analysts’ expectations of $21.11 billion. During the same quarter last year, the firm earned $1.42 earnings per share. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current 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 paid a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s payout ratio is presently 29.61%.

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.