KBC Group NV Trims Stock Position in Wells Fargo & Company $WFC

KBC Group NV decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 14.5% in the 2nd quarter, Holdings Channel.com reports. The fund owned 1,446,428 shares of the financial services provider’s stock after selling 245,691 shares during the quarter. KBC Group NV’s holdings in Wells Fargo & Company were worth $115,888,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Jupiter Asset Management Ltd. lifted its position in Wells Fargo & Company by 250.6% in 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 buying an additional 198,096 shares during the last quarter. Advyzon Investment Management LLC raised its stake 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 valued at $850,000 after acquiring an additional 3,967 shares during the period. Verus Capital Partners LLC lifted its holdings in shares of Wells Fargo & Company by 7.4% in the 2nd quarter. Verus Capital Partners LLC now owns 6,373 shares of the financial services provider’s stock worth $511,000 after acquiring an additional 441 shares during the last quarter. Avalon Capital Management purchased a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $436,000. Finally, CENTRAL TRUST Co grew its holdings in shares of Wells Fargo & Company by 4.0% in the second quarter. CENTRAL TRUST Co now owns 40,050 shares of the financial services provider’s stock valued at $3,209,000 after purchasing an additional 1,526 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on WFC. Truist Financial raised their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. TD Cowen boosted their target price on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Wednesday, October 15th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Evercore ISI upped their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Finally, Barclays upped their price objective on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & Company Trading Up 0.1%

NYSE WFC opened at $86.21 on Wednesday. The stock has a market capitalization of $270.61 billion, a P/E ratio of 14.18, a P/E/G ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $88.50. The firm has a 50-day moving average price of $83.42 and a 200 day moving average price of $79.67. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the company earned $1.42 EPS. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

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

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.