Skandinaviska Enskilda Banken AB publ Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

Skandinaviska Enskilda Banken AB publ lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 0.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 716,357 shares of the financial services provider’s stock after selling 2,800 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Wells Fargo & Company were worth $42,512,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of WFC. AE Wealth Management LLC raised its stake in shares of Wells Fargo & Company by 16.4% during the 2nd quarter. AE Wealth Management LLC now owns 93,970 shares of the financial services provider’s stock worth $5,581,000 after acquiring an additional 13,241 shares in the last quarter. Sprucegrove Investment Management Ltd. raised its stake in shares of Wells Fargo & Company by 1.3% during the 2nd quarter. Sprucegrove Investment Management Ltd. now owns 308,127 shares of the financial services provider’s stock worth $18,300,000 after acquiring an additional 4,000 shares in the last quarter. Bridges Investment Management Inc. raised its stake in shares of Wells Fargo & Company by 6,978.2% during the 2nd quarter. Bridges Investment Management Inc. now owns 814,487 shares of the financial services provider’s stock worth $48,372,000 after acquiring an additional 802,980 shares in the last quarter. Benjamin Edwards Inc. raised its stake in shares of Wells Fargo & Company by 4.4% during the 2nd quarter. Benjamin Edwards Inc. now owns 13,677 shares of the financial services provider’s stock worth $812,000 after acquiring an additional 572 shares in the last quarter. Finally, ProVise Management Group LLC raised its stake in shares of Wells Fargo & Company by 2.4% during the 2nd quarter. ProVise Management Group LLC now owns 362,554 shares of the financial services provider’s stock worth $21,532,000 after acquiring an additional 8,549 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on WFC. Morgan Stanley boosted their price objective on shares of 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 decreased their price target on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Keefe, Bruyette & Woods decreased 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 report on Monday, July 15th. Evercore ISI decreased their price target on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Tuesday, September 3rd. Twelve investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $60.29.

Wells Fargo & Company Stock Up 2.8 %

WFC stock opened at $55.80 on Friday. The firm 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. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The firm’s fifty day moving average is $56.19 and its 200 day moving average is $57.88. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS 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 analyst estimates of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s revenue was up .8% on a year-over-year basis. During the same quarter last year, the business earned $1.25 earnings per share. On average, research analysts forecast that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were given a $0.40 dividend. 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. This represents a $1.60 annualized dividend and a dividend yield of 2.87%. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

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.