Sound Shore Management Inc. CT Has $93.45 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Sound Shore Management Inc. CT lessened its position in Wells Fargo & Company (NYSE:WFC) by 26.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,573,565 shares of the financial services provider’s stock after selling 568,461 shares during the period. Wells Fargo & Company makes up 3.1% of Sound Shore Management Inc. CT’s holdings, making the stock its 8th largest position. Sound Shore Management Inc. CT’s holdings in Wells Fargo & Company were worth $93,454,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of 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 during the fourth quarter valued at $32,000. Beaird Harris Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $34,000. Valued Wealth Advisors LLC increased its stake in Wells Fargo & Company by 53.7% in the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 220 shares in the last quarter. Finally, J.Safra Asset Management Corp raised its holdings in Wells Fargo & Company by 704.3% during the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after buying an additional 648 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

WFC stock opened at $56.26 on Friday. The firm has a 50 day moving average of $56.19 and a two-hundred day moving average of $57.88. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55. The company has a market capitalization of $196.14 billion, a price-to-earnings ratio of 11.55, a P/E/G ratio of 1.27 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. During the same period in the prior year, the company 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, equities analysts anticipate that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed 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 is a positive change 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 dividend yield of 2.84%. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

Analyst Upgrades and Downgrades

WFC has been the subject of several recent analyst reports. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and decreased their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Evercore ISI lowered their price objective on shares of 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. BMO Capital Markets increased their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft upgraded 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. Finally, The Goldman Sachs Group reduced their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Twelve investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of “Hold” and an average price target 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.