Iron Horse Wealth Management LLC Sells 599 Shares of Wells Fargo & Company $WFC

Iron Horse Wealth Management LLC reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 6.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,270 shares of the financial services provider’s stock after selling 599 shares during the period. Wells Fargo & Company comprises approximately 0.2% of Iron Horse Wealth Management LLC’s portfolio, making the stock its 24th biggest holding. Iron Horse Wealth Management LLC’s holdings in Wells Fargo & Company were worth $743,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. CBIZ Investment Advisory Services LLC grew its position in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares during the last quarter. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $29,000. Motco boosted its stake in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares during the period. Nova Wealth Management Inc. boosted its stake in shares of Wells Fargo & Company by 112.9% during the second quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 227 shares during the period. Finally, 1248 Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $31,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $80.63 on Friday. The stock has a fifty day moving average of $80.77 and a 200 day moving average of $76.31. Wells Fargo & Company has a 52 week low of $55.98 and a 52 week high of $86.65. The firm has a market capitalization of $258.28 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 1.24 and a beta of 1.25. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly 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. The company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm’s revenue was up .6% on a year-over-year basis. During the same quarter last year, the firm posted $1.33 earnings per share. As a group, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

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

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of analyst reports. The Goldman Sachs Group dropped their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Wells Fargo & Company in a research note on Saturday, September 27th. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Morgan Stanley lowered Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $87.00 to $90.00 in a research note on Monday, September 29th. Finally, Citigroup raised their price target on Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $83.74.

Wells Fargo & Company Company Profile

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.