Western Pacific Wealth Management LP Reduces Stake in Wells Fargo & Company $WFC

Western Pacific Wealth Management LP reduced its stake in Wells Fargo & Company (NYSE:WFC) by 8.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,050 shares of the financial services provider’s stock after selling 576 shares during the quarter. Wells Fargo & Company makes up approximately 0.5% of Western Pacific Wealth Management LP’s investment portfolio, making the stock its 27th largest position. Western Pacific Wealth Management LP’s holdings in Wells Fargo & Company were worth $485,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in WFC. CBIZ Investment Advisory Services LLC grew its holdings in Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after buying an additional 322 shares in the last quarter. Motco grew its holdings in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after buying an additional 326 shares in the last quarter. Accent Capital Management LLC purchased a new stake in Wells Fargo & Company in the 1st quarter valued at $29,000. 1248 Management LLC purchased a new stake in Wells Fargo & Company in the 1st quarter valued at $31,000. Finally, Stone House Investment Management LLC purchased a new stake in Wells Fargo & Company in the 1st quarter valued at $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. The Goldman Sachs Group lowered their price target on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Evercore ISI reiterated an “outperform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Finally, Dbs Bank upgraded Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average target price of $82.56.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $83.51 on Friday. The business has a 50-day moving average of $80.40 and a 200 day moving average of $75.30. Wells Fargo & Company has a 12 month low of $53.31 and a 12 month high of $84.83. The stock has a market capitalization of $267.51 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 1.28 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

Wells Fargo & Company (NYSE:WFC) last announced 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. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. During the same period last year, the business posted $1.33 EPS. Wells Fargo & Company’s revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a dividend of $0.45 per share. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

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.