LS Investment Advisors LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 66.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 54,694 shares of the financial services provider’s stock after selling 109,982 shares during the quarter. LS Investment Advisors LLC’s holdings in Wells Fargo & Company were worth $2,477,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. United Asset Strategies Inc. acquired a new stake in Wells Fargo & Company in the second quarter worth about $3,427,000. HighTower Advisors LLC grew its position in shares of Wells Fargo & Company by 0.5% in the 2nd quarter. HighTower Advisors LLC now owns 2,353,631 shares of the financial services provider’s stock valued at $106,589,000 after purchasing an additional 10,724 shares during the period. Alleghany Corp DE acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at approximately $122,626,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Wells Fargo & Company by 4.9% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 260,751 shares of the financial services provider’s stock valued at $11,809,000 after acquiring an additional 12,156 shares in the last quarter. Finally, Beck Mack & Oliver LLC raised its stake in shares of Wells Fargo & Company by 3.5% during the 2nd quarter. Beck Mack & Oliver LLC now owns 24,575 shares of the financial services provider’s stock worth $1,113,000 after purchasing an additional 835 shares in the last quarter. 70.82% of the stock is owned by hedge funds and other institutional investors.
Shares of WFC stock traded up $0.12 during trading on Tuesday, hitting $45.93. 568,431 shares of the stock traded hands, compared to its average volume of 30,600,760. Wells Fargo & Company has a 52-week low of $20.76 and a 52-week high of $51.41. The firm’s fifty day moving average price is $46.46 and its 200-day moving average price is $44.50. The firm has a market capitalization of $188.61 billion, a P/E ratio of 13.13, a price-to-earnings-growth ratio of 0.99 and a beta of 1.36. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.83 and a quick ratio of 0.81.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Friday, August 6th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.74%. The ex-dividend date was Thursday, August 5th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.10. Wells Fargo & Company’s dividend payout ratio is 145.45%.
WFC has been the topic of several analyst reports. UBS Group reissued a “neutral” rating and set a $47.00 target price (up from $40.00) on shares of Wells Fargo & Company in a report on Tuesday, May 25th. Keefe, Bruyette & Woods began coverage on Wells Fargo & Company in a research report on Wednesday, July 7th. They set an “outperform” rating and a $57.00 price objective for the company. Evercore ISI reaffirmed a “buy” rating and set a $49.00 target price on shares of Wells Fargo & Company in a research note on Friday, September 10th. Royal Bank of Canada raised their price objective on Wells Fargo & Company from $40.00 to $45.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 7th. Finally, Odeon Capital Group cut Wells Fargo & Company from a “buy” rating to a “hold” rating in a research report on Monday, July 19th. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Buy” and an average price target of $47.52.
Wells Fargo & Company Company Profile
Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.
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