Wells Fargo & Company $WFC Shares Sold by Quinn Opportunity Partners LLC

Quinn Opportunity Partners LLC lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 89.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,000 shares of the financial services provider’s stock after selling 43,471 shares during the quarter. Quinn Opportunity Partners LLC’s holdings in Wells Fargo & Company were worth $401,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. M&G PLC boosted its holdings in Wells Fargo & Company by 33.0% in the second quarter. M&G PLC now owns 700,970 shares of the financial services provider’s stock valued at $56,078,000 after acquiring an additional 173,886 shares during the last quarter. Jupiter Asset Management Ltd. increased its stake in Wells Fargo & Company by 250.6% during the second quarter. Jupiter Asset Management Ltd. now owns 277,149 shares of the financial services provider’s stock valued at $22,205,000 after purchasing an additional 198,096 shares during the last quarter. Advyzon Investment Management LLC lifted its holdings in shares of Wells Fargo & Company by 59.8% in the 2nd quarter. Advyzon Investment Management LLC now owns 10,606 shares of the financial services provider’s stock worth $850,000 after purchasing an additional 3,967 shares during the last quarter. Verus Capital Partners LLC increased its stake in shares of Wells Fargo & Company by 7.4% in the second quarter. Verus Capital Partners LLC now owns 6,373 shares of the financial services provider’s stock valued at $511,000 after purchasing an additional 441 shares during the period. Finally, Avalon Capital Management acquired a new position in Wells Fargo & Company during the 2nd quarter valued at about $436,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 0.0%

Shares of Wells Fargo & Company stock opened at $86.21 on Thursday. The firm has a market capitalization of $270.60 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $88.64. The company’s fifty day moving average price is $83.53 and its two-hundred day moving average price is $79.72.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The company had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. During the same period in the prior year, the company posted $1.42 EPS. The company’s revenue was up 5.3% compared to the same quarter last year. On average, analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be given a $0.45 dividend. The ex-dividend date is Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. Wells Fargo & Company’s payout ratio is 29.61%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on WFC. Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Keefe, Bruyette & Woods boosted their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, October 15th. Barclays lifted their price target on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Truist Financial upped their price objective on Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Finally, Morgan Stanley lifted their target price on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 15th. Eleven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.57.

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.