49,700 Shares in Wells Fargo & Company (NYSE:WFC) Purchased by Quest Partners LLC

Quest Partners LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 49,700 shares of the financial services provider’s stock, valued at approximately $2,952,000. Wells Fargo & Company accounts for approximately 0.4% of Quest Partners LLC’s investment portfolio, making the stock its 16th largest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Waddell & Associates LLC grew its holdings in Wells Fargo & Company by 9.1% during the second quarter. Waddell & Associates LLC now owns 7,142 shares of the financial services provider’s stock worth $424,000 after purchasing an additional 598 shares during the period. Prestige Wealth Management Group LLC lifted its position in Wells Fargo & Company by 564.2% during the second quarter. Prestige Wealth Management Group LLC now owns 10,654 shares of the financial services provider’s stock worth $633,000 after acquiring an additional 9,050 shares during the last quarter. Ballentine Partners LLC lifted its position in Wells Fargo & Company by 6.2% during the second quarter. Ballentine Partners LLC now owns 37,991 shares of the financial services provider’s stock worth $2,256,000 after acquiring an additional 2,206 shares during the last quarter. Ellis Investment Partners LLC acquired a new stake in Wells Fargo & Company during the second quarter worth approximately $250,000. Finally, Koss Olinger Consulting LLC lifted its position in Wells Fargo & Company by 581.1% during the second quarter. Koss Olinger Consulting LLC now owns 39,501 shares of the financial services provider’s stock worth $2,346,000 after acquiring an additional 33,701 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and cut their price objective for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods cut their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research report on Monday, July 15th. BMO Capital Markets raised their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research report on Thursday, July 11th. Finally, Evercore ISI cut their price objective on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research report on Friday. Twelve analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of “Hold” and a consensus price target of $60.29.

Wells Fargo & Company Trading Down 5.0 %

NYSE WFC opened at $54.00 on Monday. The business has a 50 day moving average price of $57.31 and a 200-day moving average price of $57.96. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55. The company has a market cap of $183.80 billion, a price-to-earnings ratio of 11.09, a P/E/G ratio of 1.27 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $20.29 billion. During the same quarter in the prior year, the firm posted $1.25 EPS. The firm’s quarterly revenue was up .8% on a year-over-year basis. As a group, equities analysts expect that Wells Fargo & Company will post 5.15 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a $0.40 dividend. The ex-dividend date was Friday, August 9th. This represents a $1.60 annualized dividend and a yield of 2.96%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio (DPR) is 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.