Blume Capital Management Inc. Trims Holdings in Wells Fargo & Company (NYSE:WFC)

Blume Capital Management Inc. lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 2.2% in the second quarter, HoldingsChannel reports. The fund owned 140,232 shares of the financial services provider’s stock after selling 3,186 shares during the quarter. Wells Fargo & Company makes up about 2.3% of Blume Capital Management Inc.’s portfolio, making the stock its 16th largest position. Blume Capital Management Inc.’s holdings in Wells Fargo & Company were worth $6,351,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. United Asset Strategies Inc. acquired a new position in shares of Wells Fargo & Company during the 2nd quarter valued at about $3,427,000. HighTower Advisors LLC increased its position in Wells Fargo & Company by 0.5% during the 2nd quarter. HighTower Advisors LLC now owns 2,353,631 shares of the financial services provider’s stock worth $106,589,000 after purchasing an additional 10,724 shares in the last quarter. Alleghany Corp DE acquired a new stake in Wells Fargo & Company during the 1st quarter worth approximately $122,626,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Wells Fargo & Company by 4.9% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 260,751 shares of the financial services provider’s stock worth $11,809,000 after purchasing an additional 12,156 shares in the last quarter. Finally, Beck Mack & Oliver LLC increased its position in Wells Fargo & Company by 3.5% during the 2nd quarter. Beck Mack & Oliver LLC now owns 24,575 shares of the financial services provider’s stock worth $1,113,000 after purchasing an additional 835 shares in the last quarter. 70.82% of the stock is owned by institutional investors.

WFC traded up $0.08 during trading hours on Wednesday, hitting $46.13. 312,325 shares of the stock were exchanged, compared to its average volume of 30,603,697. The stock has a 50-day simple moving average of $46.23 and a 200-day simple moving average of $44.24. Wells Fargo & Company has a 12 month low of $20.76 and a 12 month high of $51.41. The stock has a market cap of $189.43 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 0.99 and a beta of 1.36. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.83 and a quick ratio of 0.81.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 13th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.40. Wells Fargo & Company had a return on equity of 9.85% and a net margin of 19.79%. The firm had revenue of $20.27 billion for the quarter, compared to analysts’ expectations of $17.69 billion. During the same period last year, the business posted ($0.66) earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 4.37 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Friday, August 6th were given a $0.20 dividend. The ex-dividend date was Thursday, August 5th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.10. This represents a $0.80 annualized dividend and a yield of 1.73%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 145.45%.

A number of research firms recently issued reports on WFC. UBS Group reissued a “neutral” rating and set a $47.00 target price (up previously from $40.00) on shares of Wells Fargo & Company in a research report on Tuesday, May 25th. Bank of America raised shares of Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Friday, June 4th. Royal Bank of Canada increased their price objective on shares of Wells Fargo & Company from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Wells Fargo & Company from $48.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, September 1st. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Wells Fargo & Company in a research report on Wednesday, July 7th. They issued an “outperform” rating and a $57.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $47.52.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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