Petros Family Wealth LLC Reduces Position in Wells Fargo & Company $WFC

Petros Family Wealth LLC reduced its stake in Wells Fargo & Company (NYSE:WFC) by 16.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,754 shares of the financial services provider’s stock after selling 1,098 shares during the quarter. Petros Family Wealth LLC’s holdings in Wells Fargo & Company were worth $461,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of WFC. CBIZ Investment Advisory Services LLC grew its stake in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the last quarter. Motco grew its stake in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares during the last quarter. Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter valued at approximately $29,000. 1248 Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter valued at approximately $31,000. Finally, Stone House Investment Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter valued at approximately $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $80.63 on Monday. The stock has a fifty day moving average price of $80.77 and a 200 day moving average price of $76.33. The stock has a market cap of $258.28 billion, a PE ratio of 13.81, a P/E/G ratio of 1.24 and a beta of 1.25. Wells Fargo & Company has a 1 year low of $55.98 and a 1 year high of $86.65. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to analysts’ expectations 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 in the previous year, the firm posted $1.33 earnings per share. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share 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. Shareholders of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.2%. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

Analysts Set New Price Targets

WFC has been the subject of several recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Wells Fargo & Company in a report on Saturday, September 27th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday. Raymond James Financial cut Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Evercore ISI raised their price target on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Finally, The Goldman Sachs Group reduced their price target on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $83.74.

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.