Wells Fargo & Company (NYSE:WFC) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp lessened its position in Wells Fargo & Company (NYSE:WFC) by 20.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,480 shares of the financial services provider’s stock after selling 21,325 shares during the period. King Luther Capital Management Corp’s holdings in Wells Fargo & Company were worth $5,017,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of WFC. Slagle Financial LLC lifted 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 worth $6,822,000 after purchasing an additional 68,356 shares during the period. Ballentine Partners LLC boosted its stake in 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 grew its holdings in 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 valued at $8,805,000 after buying an additional 21,496 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Wells Fargo & Company by 28.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock valued at $27,441,000 after acquiring an additional 106,260 shares during the last quarter. Finally, Evoke Wealth LLC lifted its holdings in shares of Wells Fargo & Company by 34.3% during the 4th quarter. Evoke Wealth LLC now owns 7,224 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 1,846 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC stock opened at $56.26 on Friday. The stock’s 50 day moving average is $56.19 and its two-hundred day moving average is $57.88. Wells Fargo & Company has a 52-week low of $38.38 and a 52-week high of $62.55. The company has a market capitalization of $196.14 billion, a PE ratio of 11.55, a P/E/G ratio of 1.27 and a beta of 1.16. 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 issued its quarterly 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 business had revenue of $20.69 billion during 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 business’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.25 earnings per share. Analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were given a dividend of $0.40 per share. 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. This represents a $1.60 annualized dividend and a dividend yield of 2.84%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 32.85%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on WFC shares. Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and lowered their target price for the company from $62.00 to $59.00 in a report on Friday, August 16th. BMO Capital Markets upped their price objective 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. Morgan Stanley lifted their target price on Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Tuesday, September 3rd. Finally, 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. Twelve equities research 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, Wells Fargo & Company has a consensus rating of “Hold” and a consensus price target 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.