Tritonpoint Wealth LLC Sells 2,902 Shares of Wells Fargo & Company $WFC

Tritonpoint Wealth LLC lessened its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.1% in the second quarter, Holdings Channel.com reports. The firm owned 134,508 shares of the financial services provider’s stock after selling 2,902 shares during the period. Wells Fargo & Company makes up about 1.0% of Tritonpoint Wealth LLC’s investment portfolio, making the stock its 23rd largest position. Tritonpoint Wealth LLC’s holdings in Wells Fargo & Company were worth $10,777,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in WFC. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in 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 worth $76,095,550,000 after purchasing an additional 949,735,001 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Wells Fargo & Company by 277.4% in 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 acquiring an additional 7,894,919 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Wells Fargo & Company by 7,887.9% in 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 acquiring an additional 3,350,605 shares in the last quarter. Strs Ohio bought a new position in shares of Wells Fargo & Company in the 1st quarter valued at about $109,643,000. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Wells Fargo & Company by 34.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock valued at $381,016,000 after acquiring an additional 1,365,629 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on WFC. Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Evercore ISI restated an “outperform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Citigroup raised their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Finally, Wall Street Zen downgraded shares of Wells Fargo & Company from a “hold” rating to a “sell” rating in a research report on Friday. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $82.97.

Wells Fargo & Company Stock Up 0.8%

NYSE WFC opened at $85.01 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1-year low of $54.40 and a 1-year high of $86.65. The company has a 50 day moving average of $80.84 and a 200-day moving average of $75.91. The company has a market cap of $272.32 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 1.31 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the business earned $1.33 earnings per share. The firm’s quarterly revenue was up .6% on a year-over-year basis. On average, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal 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 given a dividend of $0.45 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 30.82%.

About Wells Fargo & Company

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.