Ascent Group LLC Sells 10,760 Shares of Wells Fargo & Company $WFC

Ascent Group LLC cut its stake in Wells Fargo & Company (NYSE:WFC) by 25.0% in the 2nd quarter, Holdings Channel reports. The firm owned 32,269 shares of the financial services provider’s stock after selling 10,760 shares during the period. Ascent Group LLC’s holdings in Wells Fargo & Company were worth $2,585,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in WFC. Brighton Jones LLC raised its holdings in Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after purchasing an additional 25,436 shares in the last quarter. Vest Financial LLC raised its holdings in Wells Fargo & Company by 73.5% in the 1st quarter. Vest Financial LLC now owns 27,256 shares of the financial services provider’s stock worth $1,957,000 after purchasing an additional 11,547 shares in the last quarter. Signal Advisors Wealth LLC raised its holdings in Wells Fargo & Company by 19.3% in the 1st quarter. Signal Advisors Wealth LLC now owns 5,871 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 950 shares in the last quarter. Procyon Advisors LLC raised its holdings in Wells Fargo & Company by 2.8% in the 1st quarter. Procyon Advisors LLC now owns 6,823 shares of the financial services provider’s stock worth $490,000 after purchasing an additional 184 shares in the last quarter. Finally, Elk River Wealth Management LLC bought a new position in Wells Fargo & Company in the 1st quarter worth $201,000. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WFC has been the subject of several research reports. Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday. Morgan Stanley cut shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $87.00 to $90.00 in a research report on Monday, September 29th. Finally, Truist Financial lifted their price target on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $83.74.

Wells Fargo & Company Stock Up 0.2%

NYSE:WFC opened at $80.63 on Friday. The firm has a market cap of $258.28 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.24 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a fifty-two week low of $55.98 and a fifty-two week high of $86.65. The firm has a 50-day simple moving average of $80.77 and a two-hundred day simple moving average of $76.31.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share 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 net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company’s revenue was up .6% compared to the same quarter last year. During the same period last year, the business earned $1.33 EPS. Analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company 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. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

Wells Fargo & Company 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.