Daymark Wealth Partners LLC Decreases Stake in Wells Fargo & Company (NYSE:WFC)

Daymark Wealth Partners LLC trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 2.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 74,015 shares of the financial services provider’s stock after selling 1,632 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Wells Fargo & Company were worth $4,181,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Marshall Wace LLP grew its position in shares of Wells Fargo & Company by 3,295.6% during the second quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock worth $138,493,000 after buying an additional 2,404,898 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in Wells Fargo & Company by 67.1% during the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after acquiring an additional 2,349,595 shares in the last quarter. Rokos Capital Management LLP increased its position in shares of Wells Fargo & Company by 141.6% in the 1st quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock worth $151,853,000 after purchasing an additional 1,536,152 shares during the last quarter. Mn Services Vermogensbeheer B.V. acquired a new stake in shares of Wells Fargo & Company in the 1st quarter valued at about $84,819,000. Finally, Canada Pension Plan Investment Board lifted its position in shares of Wells Fargo & Company by 38.1% during the first quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock worth $297,411,000 after purchasing an additional 1,415,647 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WFC. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and cut their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. BMO Capital Markets raised their price objective on 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. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, September 3rd. Finally, Evercore ISI boosted their price objective on Wells Fargo & Company from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Twelve equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.65.

Wells Fargo & Company Stock Down 0.1 %

Shares of Wells Fargo & Company stock traded down $0.04 during midday trading on Wednesday, hitting $57.26. The company’s stock had a trading volume of 2,625,100 shares, compared to its average volume of 17,862,854. Wells Fargo & Company has a 1-year low of $38.58 and a 1-year 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 firm has a market capitalization of $199.63 billion, a P/E ratio of 11.76, a PEG ratio of 1.32 and a beta of 1.16. The stock has a 50-day simple moving average of $55.25 and a 200-day simple moving average of $57.76.

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 the consensus estimate 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 company had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. During the same period in the previous year, the firm posted $1.25 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.14 earnings per share for the current 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. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.79%. 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%.

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.