Sustainable Insight Capital Management LLC Reduces Holdings in Wells Fargo & Company (NYSE:WFC)

Sustainable Insight Capital Management LLC lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 7.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,304 shares of the financial services provider’s stock after selling 5,896 shares during the period. Wells Fargo & Company makes up about 2.4% of Sustainable Insight Capital Management LLC’s investment portfolio, making the stock its 14th largest position. Sustainable Insight Capital Management LLC’s holdings in Wells Fargo & Company were worth $4,904,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in WFC. Investment Counsel Co. of Nevada acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at $28,000. BNP Paribas acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at $28,000. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the first quarter valued at $29,000. Motco boosted its holdings in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 326 shares during the period. Finally, Parvin Asset Management LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 0.4%

WFC opened at $77.58 on Tuesday. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $248.51 billion, a price-to-earnings ratio of 13.28, a P/E/G ratio of 1.21 and a beta of 1.20. The business has a 50 day moving average of $78.98 and a 200-day moving average of $74.93.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. Wells Fargo & Company’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the company posted $1.33 earnings per share. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its board has initiated a stock repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be paid a dividend of $0.45 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is currently 30.82%.

Analyst Ratings Changes

A number of brokerages recently weighed in on WFC. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Dbs Bank upgraded shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Barclays cut their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Finally, Citigroup restated a “neutral” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.39.

About Wells Fargo & Company

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.