Bahl & Gaynor Inc. lowered its holdings in shares of Wells Fargo & Company (NYSE:WFC – Free Report) by 7.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 85,120 shares of the financial services provider’s stock after selling 7,300 shares during the period. Bahl & Gaynor Inc.’s holdings in Wells Fargo & Company were worth $5,055,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $2,623,044,000. Capital World Investors increased its holdings in shares of Wells Fargo & Company by 1.0% in the fourth quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock valued at $1,295,459,000 after purchasing an additional 263,176 shares during the last quarter. Sanders Capital LLC raised its position in shares of Wells Fargo & Company by 3.2% in the fourth quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock valued at $1,241,231,000 after purchasing an additional 781,772 shares during the period. California State Teachers Retirement System lifted its stake in shares of Wells Fargo & Company by 0.4% during the 4th quarter. California State Teachers Retirement System now owns 5,905,934 shares of the financial services provider’s stock worth $290,690,000 after buying an additional 25,896 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its holdings in shares of 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 buying an additional 2,349,595 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have weighed in on WFC. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Evercore ISI lowered their target price on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, September 6th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods lowered their price objective 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. Finally, The Goldman Sachs Group reduced their target price on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $60.29.
Wells Fargo & Company Stock Down 0.4 %
NYSE WFC opened at $53.73 on Thursday. The business has a fifty day moving average price of $56.92 and a two-hundred day moving average price of $57.94. The stock has a market capitalization of $187.32 billion, a PE ratio of 11.03, a PEG ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last announced its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $20.29 billion. During the same period in the prior year, the company earned $1.25 EPS. Wells Fargo & Company’s revenue for the quarter was up .8% on a year-over-year basis. Equities analysts expect that Wells Fargo & Company will post 5.15 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. Investors 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 annualized dividend and a dividend yield of 2.98%. Wells Fargo & Company’s payout ratio 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.
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