Wells Fargo & Company (NYSE:WFC) Shares Sold by Steel Grove Capital Advisors LLC

Steel Grove Capital Advisors LLC reduced its stake in Wells Fargo & Company (NYSE:WFC) by 34.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,884 shares of the financial services provider’s stock after selling 2,518 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in Wells Fargo & Company were worth $290,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Core Wealth Advisors Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at about $25,000. Transcendent Capital Group LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $32,000. Beaird Harris Wealth Management LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $34,000. Valued Wealth Advisors LLC lifted its holdings in Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after buying an additional 220 shares in the last quarter. Finally, J.Safra Asset Management Corp boosted its position in Wells Fargo & Company by 704.3% in the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock valued at $43,000 after buying an additional 648 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $55.10 on Tuesday. 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 $192.10 billion, a P/E ratio of 11.31, 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 current ratio of 0.86 and a quick ratio of 0.85. The company’s fifty day moving average price is $56.13 and its 200 day moving average price is $57.88.

Wells Fargo & Company (NYSE:WFC) last posted its 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 for 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 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. 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 company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.90%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on WFC shares. The Goldman Sachs Group cut their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Evercore ISI cut 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. Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and reduced their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Keefe, Bruyette & Woods lowered their price objective on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research report on Monday, July 15th. Finally, BMO Capital Markets upped their target price on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Twelve equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of “Hold” and an average target price of $60.29.

Wells Fargo & 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.