Wells Fargo & Company $WFC Stock Holdings Lessened by Davis Selected Advisers

Davis Selected Advisers reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 8,176,423 shares of the financial services provider’s stock after selling 292,224 shares during the quarter. Wells Fargo & Company comprises approximately 3.5% of Davis Selected Advisers’ holdings, making the stock its 10th largest holding. Davis Selected Advisers’ holdings in Wells Fargo & Company were worth $655,095,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Access Investment Management LLC purchased a new position in shares of Wells Fargo & Company in the 2nd quarter worth $25,000. CBIZ Investment Advisory Services LLC raised its position in shares of Wells Fargo & Company by 585.5% during 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. McElhenny Sheffield Capital Management LLC bought a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $27,000. Motco grew its position in Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 326 shares in the last quarter. Finally, Accent Capital Management LLC bought a new stake in Wells Fargo & Company during the first quarter worth approximately $29,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 1.9%

NYSE:WFC opened at $84.66 on Friday. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $88.64. The company has a market cap of $265.75 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22. The stock has a fifty day simple moving average of $83.59 and a 200-day simple moving average of $79.75. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.18. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm had revenue of $21.44 billion for the quarter, compared to analysts’ expectations of $21.11 billion. During the same period in the prior year, the business posted $1.42 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. Analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

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

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of recent research reports. Weiss Ratings upgraded Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, October 8th. TD Cowen increased their price target on Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a report on Wednesday, October 15th. Cfra Research upgraded Wells Fargo & Company to a “moderate buy” rating in a research report on Wednesday, October 15th. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 15th. Finally, Truist Financial increased their target price on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Eleven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $89.57.

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.