Resources Management Corp CT ADV Sells 295 Shares of Wells Fargo & Company (NYSE:WFC)

Resources Management Corp CT ADV trimmed its stake in Wells Fargo & Company (NYSE:WFC) by 1.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,680 shares of the financial services provider’s stock after selling 295 shares during the quarter. Resources Management Corp CT ADV’s holdings in Wells Fargo & Company were worth $1,585,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. John W. Brooker & Co. CPAs boosted its holdings in Wells Fargo & Company by 2.5% in the second quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider’s stock worth $420,000 after acquiring an additional 171 shares in the last quarter. McAdam LLC boosted its holdings in Wells Fargo & Company by 3.3% in the second quarter. McAdam LLC now owns 5,609 shares of the financial services provider’s stock worth $333,000 after acquiring an additional 178 shares in the last quarter. Prentice Wealth Management LLC boosted its holdings in Wells Fargo & Company by 2.0% in the second quarter. Prentice Wealth Management LLC now owns 9,426 shares of the financial services provider’s stock worth $560,000 after acquiring an additional 184 shares in the last quarter. Clearstead Trust LLC boosted its holdings in Wells Fargo & Company by 13.0% in the first quarter. Clearstead Trust LLC now owns 1,617 shares of the financial services provider’s stock worth $94,000 after acquiring an additional 186 shares in the last quarter. Finally, Fortitude Family Office LLC boosted its holdings in Wells Fargo & Company by 3.4% in the second quarter. Fortitude Family Office LLC now owns 5,897 shares of the financial services provider’s stock worth $350,000 after acquiring an additional 193 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $55.10 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The business has a 50-day simple moving average of $56.13 and a two-hundred day simple moving average of $57.88. The stock has a market cap of $192.10 billion, a price-to-earnings ratio of 11.31, 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.

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

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a $0.40 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.90%. Wells Fargo & Company’s dividend payout ratio is presently 32.85%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WFC. Evercore ISI lowered their price target on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, September 6th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a report on Tuesday, September 3rd. Morgan Stanley upped their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. The Goldman Sachs Group lowered their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Finally, Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and lowered their price target for the company from $62.00 to $59.00 in a report on Friday, August 16th. Twelve research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has an average 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.