Steigerwald Gordon & Koch Inc. Increases Stock Position in Wells Fargo & Company (NYSE:WFC)

Steigerwald Gordon & Koch Inc. increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 337,833 shares of the financial services provider’s stock after buying an additional 11,682 shares during the period. Wells Fargo & Company accounts for 2.1% of Steigerwald Gordon & Koch Inc.’s holdings, making the stock its 22nd biggest position. Steigerwald Gordon & Koch Inc.’s holdings in Wells Fargo & Company were worth $19,084,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Sanibel Captiva Trust Company Inc. boosted its holdings in Wells Fargo & Company by 6.0% during the third quarter. Sanibel Captiva Trust Company Inc. now owns 14,330 shares of the financial services provider’s stock worth $810,000 after buying an additional 807 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in Wells Fargo & Company by 11.1% during the third quarter. Hexagon Capital Partners LLC now owns 17,512 shares of the financial services provider’s stock worth $989,000 after buying an additional 1,748 shares in the last quarter. Abner Herrman & Brock LLC boosted its holdings in Wells Fargo & Company by 96.1% during the third quarter. Abner Herrman & Brock LLC now owns 139,950 shares of the financial services provider’s stock worth $7,906,000 after buying an additional 68,600 shares in the last quarter. Tealwood Asset Management Inc. purchased a new position in Wells Fargo & Company during the third quarter valued at $1,354,000. Finally, Traveka Wealth LLC lifted its holdings in Wells Fargo & Company by 8.0% during the third quarter. Traveka Wealth LLC now owns 3,975 shares of the financial services provider’s stock valued at $225,000 after purchasing an additional 295 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on WFC. Keefe, Bruyette & Woods decreased their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. BMO Capital Markets increased their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Morgan Stanley decreased their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Tuesday, September 3rd. Finally, Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and decreased their price target for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Twelve investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $60.65.

Wells Fargo & Company Stock Performance

WFC stock traded up $0.53 during mid-day trading on Thursday, reaching $58.07. The company had a trading volume of 3,486,535 shares, compared to its average volume of 17,839,455. 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 stock has a market capitalization of $202.45 billion, a P/E ratio of 11.81, a P/E/G ratio of 1.32 and a beta of 1.16. Wells Fargo & Company has a one year low of $38.58 and a one year high of $62.55. The stock’s 50-day simple moving average is $55.22 and its two-hundred day simple moving average is $57.75.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.04. The company 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 firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the business posted $1.25 earnings per share. Research analysts anticipate that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.76%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 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.