ASB Consultores LLC Cuts Holdings in Wells Fargo & Company (NYSE:WFC)

ASB Consultores LLC trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 48.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,381 shares of the financial services provider’s stock after selling 11,520 shares during the period. ASB Consultores LLC’s holdings in Wells Fargo & Company were worth $735,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Slagle Financial LLC boosted its stake in Wells Fargo & Company by 97.3% during the 4th 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 boosted its stake in shares of Wells Fargo & Company by 5.4% in the 1st quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock worth $2,074,000 after buying an additional 1,835 shares during the last quarter. Wedmont Private Capital boosted its stake in shares of Wells Fargo & Company by 16.4% in the 1st quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock worth $8,805,000 after buying an additional 21,496 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Wells Fargo & Company by 28.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock worth $27,441,000 after buying an additional 106,260 shares during the last quarter. Finally, Evoke Wealth LLC boosted its stake in shares of Wells Fargo & Company by 34.3% in the 4th quarter. Evoke Wealth LLC now owns 7,224 shares of the financial services provider’s stock worth $356,000 after buying an additional 1,846 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $55.80 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The business’s 50-day simple moving average is $56.19 and its two-hundred day simple moving average is $57.88. The stock has a market cap of $194.54 billion, a PE ratio of 11.46, a P/E/G ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55.

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

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.87%. This is a boost 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 payout ratio is 32.85%.

Analysts Set New Price Targets

WFC has been the topic of a number of research reports. BMO Capital Markets raised their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods dropped their price target on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research note on Monday, July 15th. Morgan Stanley raised their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Finally, Evercore ISI dropped their price target on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, September 6th. Twelve investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $60.29.

About Wells Fargo & Company

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.