Meritage Portfolio Management Sells 2,376 Shares of Wells Fargo & Company $WFC

Meritage Portfolio Management lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 1.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 133,112 shares of the financial services provider’s stock after selling 2,376 shares during the quarter. Meritage Portfolio Management’s holdings in Wells Fargo & Company were worth $10,665,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CBIZ Investment Advisory Services LLC raised its holdings in shares of Wells Fargo & Company by 585.5% during 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 bought a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $27,000. Motco raised its holdings in shares of Wells Fargo & Company by 397.6% during 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 bought a new position in shares of Wells Fargo & Company during the first quarter valued at approximately $29,000. Finally, 1248 Management LLC bought a new position in shares of Wells Fargo & Company during the first quarter valued at approximately $31,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 2.7%

Shares of NYSE:WFC opened at $77.74 on Friday. The company has a market cap of $249.04 billion, a P/E ratio of 13.31, a PEG ratio of 1.25 and a beta of 1.25. 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’s fifty day moving average price is $80.63 and its 200-day moving average price is $76.53.

Wells Fargo & Company (NYSE:WFC) last posted its 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 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 the consensus estimate of $20.83 billion. During the same quarter in the prior year, the company earned $1.33 earnings per share. Wells Fargo & Company’s revenue was up .6% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors 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 dividend yield of 2.3%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Raymond James Financial cut Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Truist Financial upped their price target on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Finally, Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Nine investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” 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.