LVW Advisors LLC Reduces Holdings in Wells Fargo & Company (NYSE:WFC)

LVW Advisors LLC lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 6.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,649 shares of the financial services provider’s stock after selling 561 shares during the period. LVW Advisors LLC’s holdings in Wells Fargo & Company were worth $514,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Core Wealth Advisors Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $25,000. Tennessee Valley Asset Management Partners acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $29,000. Transcendent Capital Group LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $32,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $32,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock remained flat at $52.06 during midday trading on Tuesday. 1,659,962 shares of the company’s stock traded hands, compared to its average volume of 18,092,410. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. The business’s 50 day simple moving average is $58.02 and its 200-day simple moving average is $57.11. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The firm has a market capitalization of $181.50 billion, a P/E ratio of 10.69, a PEG ratio of 1.40 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $20.29 billion. During the same period in the previous year, the business earned $1.25 earnings per share. Wells Fargo & Company’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 3.07%. Wells Fargo & Company’s payout ratio is 32.85%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on WFC shares. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Oppenheimer reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a report on Monday, April 15th. Jefferies Financial Group lifted their price objective on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Finally, Argus lifted their price objective on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Thirteen research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and a consensus target price of $59.91.

Wells Fargo & Company Profile

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.