Andra AP fonden Reduces Stake in Wells Fargo & Company $WFC

Andra AP fonden reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 21.7% in the second quarter, Holdings Channel reports. The fund owned 344,100 shares of the financial services provider’s stock after selling 95,600 shares during the quarter. Andra AP fonden’s holdings in Wells Fargo & Company were worth $28,436,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Security National Bank of Sioux City Iowa IA bought a new position in shares of Wells Fargo & Company during the 2nd quarter worth $28,000. Anchor Investment Management LLC lifted its holdings in Wells Fargo & Company by 22.9% during the second quarter. Anchor Investment Management LLC now owns 17,232 shares of the financial services provider’s stock valued at $1,424,000 after purchasing an additional 3,216 shares during the last quarter. Smith Chas P & Associates PA Cpas bought a new position in Wells Fargo & Company during the second quarter worth about $241,000. Talon Private Wealth LLC increased its stake in shares of Wells Fargo & Company by 29.8% in the second quarter. Talon Private Wealth LLC now owns 40,866 shares of the financial services provider’s stock worth $3,377,000 after purchasing an additional 9,389 shares in the last quarter. Finally, Bouchey Financial Group Ltd. raised its position in shares of Wells Fargo & Company by 5.9% in the second quarter. Bouchey Financial Group Ltd. now owns 8,021 shares of the financial services provider’s stock valued at $663,000 after purchasing an additional 445 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company News Summary

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: The Fed’s latest rate increase could support Wells Fargo’s NII by allowing the bank to earn more on loans and other interest-sensitive assets. However, the potential benefit is expected to be tempered by higher deposit costs as customers demand better yields. Fed Rate Hike: What it Means for Wells Fargo’s NII Outlook
• Neutral Sentiment: Analysts continue to give WFC an average “Moderate Buy” recommendation, indicating generally constructive sentiment but not a strong consensus for immediate upside. Wells Fargo Given Average Recommendation of Moderate Buy
• Negative Sentiment: Bank stocks sold off after the rate decision despite the higher-rate benefit, suggesting investors are repricing the sector for possible pressure on economic growth, credit quality, deposit competition and the sustainability of the rally. Fed Rate Hike Fails to Lift Bank Stocks as Market Reprices the Rally
• Negative Sentiment: Wells Fargo also lowered its year-end S&P 500 target and warned of possible near-term market downside, reinforcing a more cautious risk backdrop that can weigh on financial stocks. Wells Fargo Cuts S&P 500 Target

Analyst Upgrades and Downgrades

A number of brokerages recently commented on WFC. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Bank of America increased their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. JPMorgan Chase & Co. lifted their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods decreased their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & Company Price Performance

Shares of WFC stock traded down $3.16 on Tuesday, reaching $83.38. The company’s stock had a trading volume of 8,511,415 shares, compared to its average volume of 16,086,873. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The stock’s 50 day simple moving average is $87.24 and its 200-day simple moving average is $82.85. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $252.14 billion, a P/E ratio of 12.13, a PEG ratio of 0.94 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.60 EPS. As a group, equities analysts predict that Wells Fargo & Company will post 7.25 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were paid a $0.50 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Friday, August 7th. Wells Fargo & Company’s payout ratio is 29.07%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and wealth management services to consumers, businesses, and institutions. Its offerings include checking and savings accounts, credit cards, mortgages, auto loans, personal lending, commercial financing, and treasury management services.

The company operates through businesses that include consumer and small-business banking, commercial banking, corporate and investment banking, and wealth and investment management.