Estabrook Capital Management Sells 3,457 Shares of Wells Fargo & Company (NYSE:WFC)

Estabrook Capital Management lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 2.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 130,760 shares of the financial services provider’s stock after selling 3,457 shares during the quarter. Wells Fargo & Company makes up approximately 1.2% of Estabrook Capital Management’s portfolio, making the stock its 24th largest holding. Estabrook Capital Management’s holdings in Wells Fargo & Company were worth $7,766,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. 9258 Wealth Management LLC raised its holdings in shares of Wells Fargo & Company by 4.1% in the 4th quarter. 9258 Wealth Management LLC now owns 12,972 shares of the financial services provider’s stock worth $638,000 after purchasing an additional 516 shares during the period. Gryphon Financial Partners LLC increased its position in Wells Fargo & Company by 93.3% in the fourth quarter. Gryphon Financial Partners LLC now owns 26,467 shares of the financial services provider’s stock worth $1,246,000 after buying an additional 12,778 shares during the last quarter. CreativeOne Wealth LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at $232,000. SageView Advisory Group LLC lifted its position in shares of Wells Fargo & Company by 169.1% during the 4th quarter. SageView Advisory Group LLC now owns 18,164 shares of the financial services provider’s stock valued at $930,000 after buying an additional 11,414 shares during the last quarter. Finally, TBH Global Asset Management LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter worth $264,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $56.29 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. The stock has a 50-day moving average price of $56.19 and a 200-day moving average price of $57.89. The company has a market cap of $196.24 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Wells Fargo & Company’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the previous year, the business posted $1.25 earnings per share. As a group, equities analysts forecast 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 announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.84%. Wells Fargo & Company’s payout ratio is 32.85%.

Analyst Ratings Changes

WFC has been the topic of a number of research reports. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and lowered their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Keefe, Bruyette & Woods lowered their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research report on Monday, July 15th. The Goldman Sachs Group dropped their price target on shares of 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 lifted their price objective on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. 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 investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus 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.