Woodward Diversified Capital LLC Cuts Stock Holdings in Wells Fargo & Company $WFC

Woodward Diversified Capital LLC lowered its stake in Wells Fargo & Company (NYSE:WFC) by 7.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,837 shares of the financial services provider’s stock after selling 6,217 shares during the period. Wells Fargo & Company makes up approximately 3.0% of Woodward Diversified Capital LLC’s holdings, making the stock its 6th biggest position. Woodward Diversified Capital LLC’s holdings in Wells Fargo & Company were worth $5,996,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in WFC. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after acquiring an additional 949,735,001 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after purchasing an additional 7,894,919 shares during the period. Strs Ohio acquired a new stake in Wells Fargo & Company in the 1st quarter valued at approximately $109,643,000. Canada Pension Plan Investment Board increased its position in Wells Fargo & Company by 34.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock worth $381,016,000 after buying an additional 1,365,629 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Wells Fargo & Company by 30.5% during the first quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider’s stock worth $353,668,000 after buying an additional 1,152,181 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on WFC. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Wall Street Zen lowered shares of Wells Fargo & Company from a “hold” rating to a “sell” rating in a research report on Friday, September 26th. Bank of America upped their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. Evercore ISI lifted their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Raymond James Financial lowered Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.74.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $80.94 on Thursday. The stock has a market capitalization of $259.28 billion, a price-to-earnings ratio of 13.86, a P/E/G ratio of 1.29 and a beta of 1.25. The firm’s 50-day moving average price is $80.91 and its two-hundred day moving average price is $76.15. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1-year low of $54.40 and a 1-year high of $86.65.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same period in the prior year, the company earned $1.33 EPS. Wells Fargo & Company’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 30.82%.

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.