Wells Fargo & Company $WFC Stake Reduced by Triangle Securities Wealth Management

Triangle Securities Wealth Management reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 13.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,899 shares of the financial services provider’s stock after selling 4,708 shares during the quarter. Triangle Securities Wealth Management’s holdings in Wells Fargo & Company were worth $2,395,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Summit Wealth & Retirement Planning Inc. grew its stake in Wells Fargo & Company by 4.3% during the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider’s stock worth $241,000 after buying an additional 139 shares during the last quarter. Nwam LLC grew its stake in shares of Wells Fargo & Company by 1.6% in the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider’s stock worth $632,000 after purchasing an additional 142 shares in the last quarter. PGIM Custom Harvest LLC grew its stake in shares of Wells Fargo & Company by 3.5% in the first quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 142 shares in the last quarter. Tradition Wealth Management LLC grew its stake in shares of Wells Fargo & Company by 0.5% in the first quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider’s stock worth $2,184,000 after purchasing an additional 143 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. grew its stake in shares of Wells Fargo & Company by 0.8% in the first quarter. Retirement Planning Co of New England Inc. now owns 18,434 shares of the financial services provider’s stock worth $1,323,000 after purchasing an additional 144 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Up 1.2%

Shares of WFC opened at $83.51 on Friday. The business’s 50-day moving average price is $80.40 and its 200 day moving average price is $75.30. 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 $267.51 billion, a P/E ratio of 14.30, a P/E/G ratio of 1.28 and a beta of 1.25. Wells Fargo & Company has a 1-year low of $53.31 and a 1-year high of $84.83.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.33 EPS. Analysts expect 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 issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, August 8th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio is presently 30.82%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on WFC shares. Evercore ISI reissued an “outperform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Finally, Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $82.56.

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.