Massachusetts Financial Services Co. MA Trims Holdings in Wells Fargo & Company (NYSE:WFC)

Massachusetts Financial Services Co. MA reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,225,575 shares of the financial services provider’s stock after selling 6,506 shares during the period. Massachusetts Financial Services Co. MA owned 0.06% of Wells Fargo & Company worth $132,177,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of WFC. Slagle Financial LLC lifted its holdings in shares of Wells Fargo & Company by 97.3% during the fourth quarter. Slagle Financial LLC now owns 138,594 shares of the financial services provider’s stock valued at $6,822,000 after purchasing an additional 68,356 shares during the last quarter. Ballentine Partners LLC raised its stake in Wells Fargo & Company by 5.4% during the first quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock valued at $2,074,000 after buying an additional 1,835 shares during the last quarter. Wedmont Private Capital boosted its holdings in Wells Fargo & Company by 16.4% in the first quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock worth $8,805,000 after acquiring an additional 21,496 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Wells Fargo & Company by 28.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock worth $27,441,000 after acquiring an additional 106,260 shares during the last quarter. Finally, Evoke Wealth LLC increased its holdings in shares of Wells Fargo & Company by 34.3% during the fourth quarter. Evoke Wealth LLC now owns 7,224 shares of the financial services provider’s stock valued at $356,000 after acquiring an additional 1,846 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

WFC has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods reduced their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research report on Monday, July 15th. Morgan Stanley upped their price objective on Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. BMO Capital Markets lifted their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Finally, The Goldman Sachs Group lowered their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Twelve investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $60.29.

Wells Fargo & Company Stock Down 0.5 %

WFC opened at $54.26 on Thursday. The firm’s 50 day simple moving average is $56.28 and its two-hundred day simple moving average is $57.89. The company has a market capitalization of $189.17 billion, a PE ratio of 11.14, a PEG ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.04. The company had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. Wells Fargo & Company’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.25 earnings per share. As a group, equities analysts forecast that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.95%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

Wells Fargo & Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.