SteelPeak Wealth LLC Sells 10,602 Shares of Wells Fargo & Company (NYSE:WFC)

SteelPeak Wealth LLC lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 60.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,012 shares of the financial services provider’s stock after selling 10,602 shares during the quarter. SteelPeak Wealth LLC’s holdings in Wells Fargo & Company were worth $416,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Core Wealth Advisors Inc. acquired a new position in Wells Fargo & Company during the 4th quarter worth about $25,000. Tennessee Valley Asset Management Partners acquired a new position in Wells Fargo & Company during the 4th quarter worth about $29,000. Transcendent Capital Group LLC acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $32,000. Wetzel Investment Advisors Inc. acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $32,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 0.7 %

Shares of NYSE:WFC traded up $0.39 during midday trading on Friday, hitting $54.96. The stock had a trading volume of 981,207 shares, compared to its average volume of 18,010,631. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The business’s 50-day simple moving average is $57.74 and its 200-day simple moving average is $57.09. The company has a market cap of $191.61 billion, a P/E ratio of 11.21, a PEG ratio of 1.40 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, beating 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 business had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. During the same period last year, the business earned $1.25 earnings per share. The firm’s revenue was up .8% on a year-over-year basis. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal 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 issued a dividend of $0.40 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, August 9th. This represents a $1.60 annualized dividend and a yield of 2.91%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 32.85%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Evercore ISI reiterated an “outperform” rating and issued a $67.00 price target (down from $70.00) on shares of Wells Fargo & Company in a research report on Monday, July 15th. BMO Capital Markets increased their price target on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods cut their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research report on Monday, July 15th. JPMorgan Chase & Co. increased their price target on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Finally, Morgan Stanley increased their price target on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Thirteen research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and a consensus price target of $59.91.

Wells Fargo & Company 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.