Edge Capital Group LLC Sells 2,828 Shares of Wells Fargo & Company (NYSE:WFC)

Edge Capital Group LLC trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC) by 18.0% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 12,851 shares of the financial services provider’s stock after selling 2,828 shares during the quarter. Edge Capital Group LLC’s holdings in Wells Fargo & Company were worth $763,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of WFC. Core Wealth Advisors Inc. bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $25,000. Transcendent Capital Group LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $32,000. Beaird Harris Wealth Management LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $34,000. Valued Wealth Advisors LLC lifted its position in shares of 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 valued at $37,000 after acquiring an additional 220 shares during the period. Finally, J.Safra Asset Management Corp lifted its position in shares of 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 valued at $43,000 after acquiring an additional 648 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Tuesday, September 3rd. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and lowered their price target for the stock from $62.00 to $59.00 in a report on Friday, August 16th. BMO Capital Markets boosted their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Evercore ISI lowered their price target on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, September 6th. Finally, Keefe, Bruyette & Woods lowered their price target on 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. Twelve analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $60.29.

Wells Fargo & Company Price Performance

Shares of WFC opened at $56.29 on Monday. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The business has a 50-day simple moving average of $56.19 and a two-hundred day simple moving average of $57.90. 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 cap of $196.24 billion, a PE ratio of 11.56, a PEG ratio of 1.27 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results 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 return on equity of 12.30% and a net margin of 15.17%. The business had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. During the same quarter in the prior year, the firm earned $1.25 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Analysts anticipate 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 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 represents a $1.60 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is 32.85%.

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.