Raymond James Trust N.A. Sells 4,309 Shares of Wells Fargo & Company (NYSE:WFC)

Raymond James Trust N.A. lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 3.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 138,840 shares of the financial services provider’s stock after selling 4,309 shares during the quarter. Raymond James Trust N.A.’s holdings in Wells Fargo & Company were worth $8,246,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Core Wealth Advisors Inc. bought a new position in Wells Fargo & Company in the 4th quarter valued at $25,000. Tennessee Valley Asset Management Partners bought a new position in Wells Fargo & Company in the 4th quarter valued at $29,000. Valued Wealth Advisors LLC grew its stake in Wells Fargo & Company by 53.7% in the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 220 shares during the period. Transcendent Capital Group LLC bought a new position in Wells Fargo & Company in the 4th quarter valued at $32,000. Finally, Atlantic Edge Private Wealth Management LLC bought a new position in Wells Fargo & Company in the 4th quarter valued at $34,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WFC. Evercore ISI restated an “outperform” rating and issued a $67.00 price objective (down previously from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. BMO Capital Markets upped their price target on 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. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and dropped their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Morgan Stanley upped their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods dropped their price target on 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. Thirteen analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $59.63.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC traded up $0.74 on Friday, hitting $56.70. The company’s stock had a trading volume of 17,074,409 shares, compared to its average volume of 18,010,037. The company has a 50-day simple moving average of $57.55 and a 200 day simple moving average of $57.48. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55. The company has a market capitalization of $197.67 billion, a PE ratio of 11.64, a PEG ratio of 1.40 and a beta of 1.17. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last released its quarterly 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 return on equity of 12.30% and a net margin of 15.17%. The firm had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $20.29 billion. During the same quarter last year, the firm posted $1.25 EPS. The company’s revenue was up .8% compared to the same quarter last year. Sell-side analysts forecast that Wells Fargo & Company will post 5.14 EPS 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 $0.40 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.82%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 32.85%.

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.