E&G Advisors LP Sells 591 Shares of Wells Fargo & Company (NYSE:WFC)

E&G Advisors LP decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 8.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,062 shares of the financial services provider’s stock after selling 591 shares during the quarter. E&G Advisors LP’s holdings in Wells Fargo & Company were worth $351,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Slagle Financial LLC boosted its stake in Wells Fargo & Company by 97.3% during the 4th quarter. Slagle Financial LLC now owns 138,594 shares of the financial services provider’s stock valued at $6,822,000 after purchasing an additional 68,356 shares during the period. Ballentine Partners LLC lifted its position in shares of Wells Fargo & Company by 5.4% in the 1st quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock worth $2,074,000 after acquiring an additional 1,835 shares during the period. Trust Point Inc. bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $2,499,000. Wedmont Private Capital lifted its position in shares of Wells Fargo & Company by 16.4% in the 1st quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock worth $8,805,000 after acquiring an additional 21,496 shares during the period. Finally, G2 Capital Management LLC OH bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $278,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research reports. Evercore ISI raised their price objective on Wells Fargo & Company from $69.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 25th. Jefferies Financial Group raised their price objective on Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a research report on Wednesday. Citigroup reiterated a “neutral” rating and issued a $63.00 price objective (up previously from $57.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 20th. The Goldman Sachs Group raised their price objective on Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Finally, HSBC increased their target price on Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Fourteen research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and an average price target of $59.36.

Wells Fargo & Company Price Performance

WFC stock traded down $0.38 during midday trading on Wednesday, reaching $60.59. 6,698,813 shares of the company’s stock traded hands, compared to its average volume of 18,370,920. The company has a 50-day simple moving average of $59.54 and a two-hundred day simple moving average of $55.30. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The company has a market cap of $211.24 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.46 and a beta of 1.17. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The firm had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same period last year, the firm posted $1.23 EPS. The business’s revenue was up .6% on a year-over-year basis. On average, analysts anticipate that Wells Fargo & Company will post 5.13 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were given a $0.35 dividend. The ex-dividend date was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.31%. Wells Fargo & Company’s payout ratio is 29.23%.

About Wells Fargo & Company

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