PFG Advisors Trims Position in Wells Fargo & Company (NYSE:WFC)

PFG Advisors lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 98,225 shares of the financial services provider’s stock after selling 645 shares during the period. PFG Advisors’ holdings in Wells Fargo & Company were worth $5,834,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Core Wealth Advisors Inc. purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $25,000. Transcendent Capital Group LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at about $32,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at about $34,000. Beaird Harris Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at about $34,000. Finally, Valued Wealth Advisors LLC raised its holdings 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 buying an additional 220 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $53.73 on Thursday. The stock has a 50 day moving average price of $56.92 and a 200 day moving average price of $57.94. 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 company has a market capitalization of $187.32 billion, a price-to-earnings ratio of 11.03, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a 52-week low of $38.38 and a 52-week high of $62.55.

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 for the quarter, beating 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 company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. During the same quarter in the previous year, the business earned $1.25 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. Research analysts predict that Wells Fargo & Company will post 5.15 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.98%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on WFC shares. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Tuesday, September 3rd. The Goldman Sachs Group dropped their target price on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday. BMO Capital Markets lifted their target price 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. Evercore ISI dropped their target price on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research report on Friday, September 6th. Finally, Keefe, Bruyette & Woods dropped their target price on 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. Twelve analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $60.29.

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.