Financiere des Professionnels Fonds d investissement inc. Trims Position in Wells Fargo & Company $WFC

Financiere des Professionnels Fonds d investissement inc. lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 61.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 36,290 shares of the financial services provider’s stock after selling 58,166 shares during the quarter. Financiere des Professionnels Fonds d investissement inc.’s holdings in Wells Fargo & Company were worth $2,889,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $4,512,563,000. Mawer Investment Management Ltd. boosted its holdings in shares of Wells Fargo & Company by 177.7% during the fourth quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider’s stock worth $454,455,000 after purchasing an additional 3,120,399 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Wells Fargo & Company by 13.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock valued at $1,922,257,000 after purchasing an additional 2,369,260 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new position in Wells Fargo & Company in the fourth quarter valued at $173,651,000. Finally, Capital Research Global Investors increased its stake in Wells Fargo & Company by 4.9% in the fourth quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider’s stock valued at $3,487,687,000 after purchasing an additional 1,760,484 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

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 Price Performance

WFC stock opened at $87.89 on Friday. The stock has a 50-day moving average price of $81.20 and a two-hundred day moving average price of $83.74. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The company has a market cap of $268.98 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 1.00 and a beta of 0.92.

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

Wells Fargo & Company Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WFC. Morgan Stanley raised their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. UBS Group dropped their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Truist Financial increased their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Robert W. Baird raised their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a report on Monday, April 20th. Two investment 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $98.50.

Wells Fargo & Company 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.