Front Street Capital Management Inc. Sells 340 Shares of Wells Fargo & Company (NYSE:WFC)

Front Street Capital Management Inc. decreased its position in Wells Fargo & Company (NYSE:WFC) by 3.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 8,771 shares of the financial services provider’s stock after selling 340 shares during the period. Front Street Capital Management Inc.’s holdings in Wells Fargo & Company were worth $521,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Evergreen Capital Management LLC raised its holdings in Wells Fargo & Company by 7.8% in the second quarter. Evergreen Capital Management LLC now owns 29,378 shares of the financial services provider’s stock worth $1,745,000 after purchasing an additional 2,138 shares in the last quarter. Public Sector Pension Investment Board boosted its position in shares of Wells Fargo & Company by 2.3% during the second quarter. Public Sector Pension Investment Board now owns 1,091,177 shares of the financial services provider’s stock valued at $64,805,000 after buying an additional 24,298 shares during the last quarter. DRW Securities LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter valued at $4,326,000. Fairscale Capital LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter valued at $47,000. Finally, Fidelis Capital Partners LLC boosted its position in Wells Fargo & Company by 31.5% in the second quarter. Fidelis Capital Partners LLC now owns 24,174 shares of the financial services provider’s stock worth $1,436,000 after purchasing an additional 5,784 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Morgan Stanley raised their target price on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group reduced their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Tuesday, September 3rd. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and cut their target price for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Finally, Keefe, Bruyette & Woods cut their target price on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research report on Monday, July 15th. Twelve analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Wells Fargo & Company has an average rating of “Hold” and an average target price of $60.29.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $55.10 on Tuesday. The firm has a market cap of $192.10 billion, a PE ratio of 11.31, a price-to-earnings-growth 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. 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 company’s 50 day moving average is $56.13 and its two-hundred day moving average is $57.88.

Wells Fargo & Company (NYSE:WFC) last released 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. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the business earned $1.25 EPS. On average, research analysts expect that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

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.