Carret Asset Management LLC Sells 610 Shares of Wells Fargo & Company $WFC

Carret Asset Management LLC decreased its stake in Wells Fargo & Company (NYSE:WFC) by 2.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 29,112 shares of the financial services provider’s stock after selling 610 shares during the quarter. Carret Asset Management LLC’s holdings in Wells Fargo & Company were worth $2,332,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC grew its holdings 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 acquiring an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC acquired a new stake in Wells Fargo & Company during the second quarter worth approximately $27,000. Motco lifted its position in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new stake in Wells Fargo & Company during the first quarter worth approximately $29,000. Finally, 1248 Management LLC acquired a new stake in Wells Fargo & Company during the first quarter worth approximately $31,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $86.02 on Thursday. The firm’s fifty day moving average price is $82.42 and its two-hundred day moving average price is $78.27. The stock has a market cap of $275.56 billion, a PE ratio of 14.15, a PEG ratio of 1.19 and a beta of 1.25. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $87.47. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. The firm had revenue of $21.44 billion for the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The company’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 earnings per share. On average, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, November 7th. Wells Fargo & Company’s payout ratio is presently 29.61%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on WFC shares. Keefe, Bruyette & Woods raised their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 15th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Weiss Ratings upgraded shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, October 8th. UBS Group dropped their price target on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Finally, Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average price target of $89.57.

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.