Maltese Capital Management LLC Has $5.45 Million Stake in Wells Fargo & Company $WFC

Maltese Capital Management LLC trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 24.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,500 shares of the financial services provider’s stock after selling 19,000 shares during the period. Maltese Capital Management LLC’s holdings in Wells Fargo & Company were worth $5,452,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of WFC. Norges Bank bought a new position in shares of Wells Fargo & Company in the fourth quarter valued at $4,512,563,000. Capital Research Global Investors lifted its stake in Wells Fargo & Company by 18.6% in the third quarter. Capital Research Global Investors now owns 35,660,903 shares of the financial services provider’s stock valued at $2,989,104,000 after acquiring an additional 5,584,930 shares during the last quarter. Mawer Investment Management Ltd. grew its position in shares of Wells Fargo & Company by 177.7% in the 4th quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider’s stock valued at $454,455,000 after acquiring an additional 3,120,399 shares during the period. Danske Bank A S acquired a new position in shares of Wells Fargo & Company during the 3rd quarter worth about $215,638,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Wells Fargo & Company by 13.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock worth $1,922,257,000 after purchasing an additional 2,369,260 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Trending Headlines about Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo was named the preferred mortgage lender for ICON’s 3D-printed homes, a partnership that could expand its role in affordable housing finance and create a new source of mortgage business. Wells Fargo Ties 3D Printed Home Lending To Housing Affordability Story
• Positive Sentiment: The arrangement with ICON highlights Wells Fargo’s push into innovative housing solutions, which may help support long-term mortgage origination growth if 3D-printed homebuilding gains traction. Wells Fargo Named as ICON Preferred Mortgage Lender to Support 3D‑Printed Homes
• Neutral Sentiment: Wells Fargo and the NAHB reported that U.S. homebuilder sentiment fell to 35 in June, reflecting pressure from elevated mortgage rates and higher materials costs. That is more a sign of a tougher housing market than a direct company-specific setback. U.S. Homebuilder Sentiment Slips as Mortgage Rates Remain Elevated
• Neutral Sentiment: Another NAHB/Wells Fargo survey showed homebuilder confidence weakening slightly more than expected in June, reinforcing the cautious backdrop for housing demand. U.S. Homebuilder Confidence Dips Slightly More Than Expected In June
• Negative Sentiment: Rising mortgage rates and softer builder sentiment could weigh on housing-related lending volumes, limiting near-term upside for Wells Fargo’s mortgage franchise. US Homebuilder Sentiment Falls, Driven by Drop in South

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on WFC. Evercore reissued an “outperform” rating on shares of Wells Fargo & Company in a research report on Friday, March 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a report on Monday, April 20th. Barclays dropped their target price on shares of Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 15th. Truist Financial reduced their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “buy” rating on the stock in a research report on Tuesday, March 17th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $97.53.

Wells Fargo & Company Stock Down 0.7%

NYSE:WFC opened at $83.18 on Tuesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a one year low of $72.30 and a one year high of $97.76. The firm’s 50 day simple moving average is $79.61 and its 200 day simple moving average is $84.65. The company has a market cap of $254.56 billion, a PE ratio of 12.84, a P/E/G ratio of 0.98 and a beta of 0.93.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The company had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. During the same period in the prior year, the firm posted $1.39 EPS. The company’s quarterly revenue was up 6.4% on a year-over-year basis. On average, research analysts anticipate that Wells Fargo & Company will post 6.84 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a $0.45 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.2%. Wells Fargo & Company’s payout ratio is 27.78%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.