Braun Bostich & Associates Inc. Reduces Position in Wells Fargo & Company $WFC

Braun Bostich & Associates Inc. lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 13.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,986 shares of the financial services provider’s stock after selling 453 shares during the quarter. Braun Bostich & Associates Inc.’s holdings in Wells Fargo & Company were worth $239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Brighton Jones LLC lifted its stake in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after buying an additional 25,436 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its stake in Wells Fargo & Company by 3.7% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 24,075 shares of the financial services provider’s stock worth $1,691,000 after purchasing an additional 862 shares in the last quarter. Sentinus LLC lifted its stake in Wells Fargo & Company by 22.5% in the 4th quarter. Sentinus LLC now owns 4,352 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 800 shares in the last quarter. Strategic Wealth Partners Ltd. purchased a new stake in Wells Fargo & Company in the 4th quarter worth $188,000. Finally, Stonebrook Private Inc. lifted its stake in Wells Fargo & Company by 6.5% in the 4th quarter. Stonebrook Private Inc. now owns 4,039 shares of the financial services provider’s stock worth $284,000 after purchasing an additional 248 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $81.46 on Monday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market capitalization of $260.95 billion, a P/E ratio of 13.95, a P/E/G ratio of 1.27 and a beta of 1.25. The company’s 50-day simple moving average is $80.38 and its two-hundred day simple moving average is $75.14. Wells Fargo & Company has a one year low of $51.75 and a one year high of $84.83.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the prior year, the firm earned $1.33 EPS. The company’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. Wells Fargo & Company’s dividend payout ratio is currently 30.82%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on WFC shares. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Truist Financial boosted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Citigroup restated a “neutral” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. Finally, Evercore ISI reiterated an “outperform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus target price of $82.56.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.