Shayne & Jacobs LLC Lowers Position in Wells Fargo & Company $WFC

Shayne & Jacobs LLC cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 2.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 46,969 shares of the financial services provider’s stock after selling 1,208 shares during the period. Wells Fargo & Company comprises about 1.2% of Shayne & Jacobs LLC’s investment portfolio, making the stock its 14th biggest position. Shayne & Jacobs LLC’s holdings in Wells Fargo & Company were worth $3,763,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in WFC. CBIZ Investment Advisory Services LLC lifted its position in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the second quarter valued at about $27,000. Motco lifted its position in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 326 shares in the last quarter. Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the first quarter valued at about $29,000. Finally, 1248 Management LLC purchased a new position in shares of Wells Fargo & Company in the first quarter valued at about $31,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on WFC. The Goldman Sachs Group lowered their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Phillip Securities downgraded Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Raymond James Financial downgraded Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. UBS Group decreased their target price on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Weiss Ratings upgraded Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday. Nine investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus target price of $85.41.

Wells Fargo & Company Trading Down 2.7%

Shares of NYSE WFC opened at $77.74 on Friday. The business’s 50 day moving average is $80.63 and its two-hundred day moving average is $76.51. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $86.65. The stock has a market capitalization of $249.04 billion, a P/E ratio of 13.31, a PEG ratio of 1.29 and a beta of 1.25.

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 for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same period in the previous year, the firm posted $1.33 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. 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 2.3%. Wells Fargo & Company’s payout ratio is presently 30.82%.

Wells Fargo & Company 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.