Frank Rimerman Advisors LLC Acquires 20,644 Shares of Wells Fargo & Company (NYSE:WFC)

Frank Rimerman Advisors LLC raised its holdings in Wells Fargo & Company (NYSE:WFC) by 51,610.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,684 shares of the financial services provider’s stock after buying an additional 20,644 shares during the period. Frank Rimerman Advisors LLC’s holdings in Wells Fargo & Company were worth $1,228,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Core Wealth Advisors Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter valued at $25,000. Transcendent Capital Group LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $32,000. Beaird Harris Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $34,000. Valued Wealth Advisors LLC raised its holdings in shares of Wells Fargo & Company by 53.7% in the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 220 shares during the last quarter. Finally, J.Safra Asset Management Corp raised its holdings in shares of Wells Fargo & Company by 704.3% in the first quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 648 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. The Goldman Sachs Group lowered their target price 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 lowered their target price 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 lowered their target price 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. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and decreased their price objective for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Twelve equities research 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $60.29.

Wells Fargo & Company Price Performance

WFC stock opened at $56.29 on Monday. The firm has a 50 day moving average of $56.19 and a 200-day moving average of $57.90. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55. The firm has a market capitalization of $196.24 billion, a P/E ratio of 11.56, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16.

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. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The business had revenue of $20.69 billion during the quarter, compared to analyst estimates of $20.29 billion. During the same period in the previous year, the business posted $1.25 earnings per share. Wells Fargo & Company’s revenue for the quarter was up .8% on a year-over-year basis. 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 business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a dividend of $0.40 per share. The ex-dividend date 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 presently 32.85%.

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.