Fortitude Family Office LLC Reduces Stock Holdings in Wells Fargo & Company $WFC

Fortitude Family Office LLC trimmed its position in Wells Fargo & Company (NYSE:WFC) by 11.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,620 shares of the financial services provider’s stock after selling 827 shares during the period. Fortitude Family Office LLC’s holdings in Wells Fargo & Company were worth $530,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of Wells Fargo & Company by 2,735,254.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after buying an additional 949,735,001 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after purchasing an additional 7,894,919 shares during the period. GAMMA Investing LLC raised its stake in Wells Fargo & Company by 7,887.9% during the 1st quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider’s stock valued at $243,589,000 after purchasing an additional 3,350,605 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $198,801,000. Finally, Strs Ohio bought a new stake in Wells Fargo & Company during the 1st quarter valued at approximately $109,643,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on WFC. Cowen reissued a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. The Goldman Sachs Group decreased their target price on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Bank of America lifted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Finally, Raymond James Financial downgraded Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average price target of $82.56.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $85.17 on Tuesday. The stock’s fifty day moving average is $80.47 and its two-hundred day moving average is $75.50. The company has a market capitalization of $272.85 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.31 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 has a 52 week low of $53.31 and a 52 week high of $85.28.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion for 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 quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.33 EPS. As a group, 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 announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 30.82%.

Wells Fargo & 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.