DMC Group LLC Trims Stock Holdings in Wells Fargo & Company (NYSE:WFC)

DMC Group LLC lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 2.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,240 shares of the financial services provider’s stock after selling 405 shares during the period. DMC Group LLC’s holdings in Wells Fargo & Company were worth $821,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in WFC. Constitution Capital LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $226,000. Keel Point LLC grew its position in shares of Wells Fargo & Company by 20.6% during the 2nd quarter. Keel Point LLC now owns 8,187 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 1,397 shares during the period. Lantz Financial LLC increased its holdings in Wells Fargo & Company by 5.8% in the 2nd quarter. Lantz Financial LLC now owns 16,483 shares of the financial services provider’s stock worth $703,000 after acquiring an additional 908 shares in the last quarter. First Bank & Trust raised its holdings in shares of Wells Fargo & Company by 1.0% during the second quarter. First Bank & Trust now owns 23,900 shares of the financial services provider’s stock valued at $1,020,000 after acquiring an additional 233 shares during the last quarter. Finally, Maltin Wealth Management Inc. purchased a new stake in Wells Fargo & Company during the 2nd quarter valued at about $265,000. Institutional investors own 72.47% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on WFC. Citigroup upped their price target on Wells Fargo & Company from $50.00 to $52.00 in a research note on Sunday, July 16th. Piper Sandler increased their target price on shares of Wells Fargo & Company from $43.00 to $45.00 in a research report on Monday, July 17th. Wolfe Research cut Wells Fargo & Company from an “outperform” rating to a “peer perform” rating in a research report on Friday, July 7th. Odeon Capital Group downgraded shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $43.75 price objective for the company. in a research report on Monday, July 17th. Finally, StockNews.com initiated coverage on Wells Fargo & Company in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.39.

Wells Fargo & Company Stock Down 0.9 %

Shares of WFC traded down $0.40 during trading hours on Tuesday, reaching $43.03. The company’s stock had a trading volume of 6,492,570 shares, compared to its average volume of 20,299,738. The company has a 50 day moving average of $43.43 and a two-hundred day moving average of $41.42. The firm has a market cap of $157.44 billion, a price-to-earnings ratio of 10.74, a P/E/G ratio of 0.87 and a beta of 1.14. Wells Fargo & Company has a 1-year low of $35.25 and a 1-year high of $48.84. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.05.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, July 14th. The financial services provider reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Wells Fargo & Company had a return on equity of 11.15% and a net margin of 16.18%. The firm had revenue of $20.53 billion for the quarter, compared to the consensus estimate of $20.11 billion. During the same quarter in the previous year, the company posted $0.74 earnings per share. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 4.84 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 4th were issued a $0.35 dividend. The ex-dividend date was Thursday, August 3rd. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 3.25%. Wells Fargo & Company’s dividend payout ratio is currently 35.00%.

Wells Fargo & Company Profile

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.