Stock Yards Bank & Trust Co. Trims Holdings in Wells Fargo & Company $WFC

Stock Yards Bank & Trust Co. trimmed its position in Wells Fargo & Company (NYSE:WFC) by 6.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,420 shares of the financial services provider’s stock after selling 752 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Wells Fargo & Company were worth $915,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in 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. Vest Financial LLC grew its holdings in Wells Fargo & Company by 73.5% during the 1st quarter. Vest Financial LLC now owns 27,256 shares of the financial services provider’s stock valued at $1,957,000 after buying an additional 11,547 shares in the last quarter. Signal Advisors Wealth LLC grew its holdings in Wells Fargo & Company by 19.3% during the 1st quarter. Signal Advisors Wealth LLC now owns 5,871 shares of the financial services provider’s stock valued at $421,000 after buying an additional 950 shares in the last quarter. Procyon Advisors LLC grew its holdings in Wells Fargo & Company by 2.8% during the 1st quarter. Procyon Advisors LLC now owns 6,823 shares of the financial services provider’s stock valued at $490,000 after buying an additional 184 shares in the last quarter. Finally, Elk River Wealth Management LLC purchased a new stake in Wells Fargo & Company during the 1st quarter valued at approximately $201,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WFC has been the subject of a number of research analyst reports. Evercore ISI increased their price objective on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday. Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Morgan Stanley lowered shares of 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 report on Monday, September 29th. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Phillip Securities downgraded Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.74.

Wells Fargo & Company Stock Up 0.2%

NYSE WFC opened at $80.63 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market capitalization of $258.28 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.24 and a beta of 1.25. Wells Fargo & Company has a one year low of $55.98 and a one year high of $86.65. The stock has a 50 day moving average price of $80.77 and a 200-day moving average price of $76.31.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (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 the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.Wells Fargo & Company’s revenue was up .6% on a year-over-year basis. During the same period last year, the company earned $1.33 earnings per share. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a $0.45 dividend. This is a boost 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%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is 30.82%.

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.