Wells Fargo & Co (NYSE:WFC) Stake Lowered by Pinnacle Wealth Planning Services Inc.

Pinnacle Wealth Planning Services Inc. reduced its stake in shares of Wells Fargo & Co (NYSE:WFC) by 20.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 10,524 shares of the financial services provider’s stock after selling 2,736 shares during the period. Pinnacle Wealth Planning Services Inc.’s holdings in Wells Fargo & Co were worth $498,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Cedar Brook Financial Partners LLC grew its holdings in shares of Wells Fargo & Co by 10.0% during the 2nd quarter. Cedar Brook Financial Partners LLC now owns 11,622 shares of the financial services provider’s stock valued at $550,000 after acquiring an additional 1,052 shares in the last quarter. Guyasuta Investment Advisors Inc. grew its holdings in shares of Wells Fargo & Co by 7.0% during the 2nd quarter. Guyasuta Investment Advisors Inc. now owns 312,459 shares of the financial services provider’s stock valued at $14,786,000 after acquiring an additional 20,420 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Wells Fargo & Co by 10.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 13,374 shares of the financial services provider’s stock valued at $632,000 after acquiring an additional 1,265 shares in the last quarter. Keystone Financial Planning Inc. purchased a new position in shares of Wells Fargo & Co during the 2nd quarter valued at $5,280,000. Finally, Concentric Wealth Management LLC grew its holdings in shares of Wells Fargo & Co by 1.9% during the 2nd quarter. Concentric Wealth Management LLC now owns 90,692 shares of the financial services provider’s stock valued at $4,292,000 after acquiring an additional 1,652 shares in the last quarter. Institutional investors and hedge funds own 76.34% of the company’s stock.

Several equities analysts have recently commented on the stock. Citigroup cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price target for the company from $56.00 to $51.00 in a report on Friday, July 12th. Deutsche Bank set a $44.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 26th. Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $54.00 to $47.00 in a research note on Wednesday, July 17th. Atlantic Securities lowered shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective for the company. in a research note on Tuesday, June 11th. Finally, Morgan Stanley reduced their price objective on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 17th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. Wells Fargo & Co presently has an average rating of “Hold” and a consensus price target of $51.12.

Shares of WFC stock traded up $0.69 on Thursday, hitting $45.69. The company’s stock had a trading volume of 294,259 shares, compared to its average volume of 21,720,010. The stock has a market capitalization of $199.38 billion, a price-to-earnings ratio of 10.42, a P/E/G ratio of 0.88 and a beta of 1.08. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. Wells Fargo & Co has a fifty-two week low of $43.02 and a fifty-two week high of $59.50. The firm’s fifty day moving average price is $46.72 and its 200-day moving average price is $47.51.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. The firm had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The business’s revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.98 EPS. Analysts predict that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be given a dividend of $0.51 per share. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a yield of 4.46%. Wells Fargo & Co’s payout ratio is currently 46.58%.

Wells Fargo & Co declared that its board has authorized a share buyback program on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

Recommended Story: The components of the Stochastic Momentum Index

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).

Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.