Brighton Jones LLC Trims Holdings in Wells Fargo & Company (NYSE:WFC)

Brighton Jones LLC reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 7.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,550 shares of the financial services provider’s stock after selling 3,508 shares during the quarter. Brighton Jones LLC’s holdings in Wells Fargo & Company were worth $2,527,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Slagle Financial LLC boosted its stake in shares of 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 buying an additional 68,356 shares during the last quarter. Ballentine Partners LLC lifted 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 worth $2,074,000 after purchasing an additional 1,835 shares during the last quarter. Wedmont Private Capital lifted its stake in Wells Fargo & Company by 16.4% during the first quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock worth $8,805,000 after purchasing an additional 21,496 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Wells Fargo & Company by 28.9% during 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 purchasing an additional 106,260 shares during the last quarter. Finally, Evoke Wealth LLC lifted its stake in 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 worth $356,000 after purchasing 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 business’s 50-day moving average price is $56.19 and its 200 day moving average price is $57.88. The firm has a market cap of $194.54 billion, a P/E ratio of 11.46, a PEG 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. The company has a quick ratio of 0.85, a current ratio of 0.86 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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. The firm had revenue of $20.69 billion for the quarter, compared to analyst estimates 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 revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.25 earnings per share. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.14 earnings per share 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. Investors of record on Friday, August 9th were issued a dividend of $0.40 per share. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s payout ratio is presently 32.85%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective 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. The Goldman Sachs Group reduced their price objective 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. Morgan Stanley raised their price objective 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. Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and dropped their target price for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Finally, Evercore ISI dropped their target price on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a research report on Friday, September 6th. Twelve 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $60.29.

Wells Fargo & Company 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.