NBT Bank N A NY Reduces Stock Holdings in Wells Fargo & Company $WFC

NBT Bank N A NY trimmed its position in Wells Fargo & Company (NYSE:WFC) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,786 shares of the financial services provider’s stock after selling 251 shares during the period. NBT Bank N A NY’s holdings in Wells Fargo & Company were worth $2,867,000 as of its most recent SEC filing.

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

Wells Fargo & Company Stock Up 0.5%

Wells Fargo & Company stock opened at $81.09 on Wednesday. The firm has a market cap of $259.75 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 1.24 and a beta of 1.25. Wells Fargo & Company has a 52 week low of $57.07 and a 52 week high of $86.65. The business’s 50-day moving average price is $80.69 and its 200 day moving average price is $76.42. 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 (NYSE:WFC) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to analyst estimates 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 for the quarter was up .6% compared to the same quarter last year. During the same period last year, the company earned $1.33 earnings per share. As a group, sell-side analysts anticipate 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. Stockholders of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent analyst reports. Truist Financial lifted their target price on Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Raymond James Financial cut Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Wells Fargo & Company in a report on Saturday, September 27th. Finally, Morgan Stanley cut Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $87.00 to $90.00 in a report on Monday, September 29th. Eight analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and an average price target of $85.41.

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.