Wells Fargo & Company (NYSE:WFC) Position Cut by Folger Nolan Fleming Douglas Capital Management Inc.

Folger Nolan Fleming Douglas Capital Management Inc. trimmed its stake in Wells Fargo & Company (NYSE:WFCGet Rating) by 6.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 98,288 shares of the financial services provider’s stock after selling 6,631 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Wells Fargo & Company were worth $3,850,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in WFC. People s United Financial Inc. increased its holdings in shares of Wells Fargo & Company by 2.8% during the fourth quarter. People s United Financial Inc. now owns 19,035 shares of the financial services provider’s stock valued at $913,000 after purchasing an additional 525 shares during the period. Hilltop Holdings Inc. grew its holdings in Wells Fargo & Company by 7.3% during the fourth quarter. Hilltop Holdings Inc. now owns 13,274 shares of the financial services provider’s stock worth $637,000 after acquiring an additional 903 shares during the period. LPL Financial LLC grew its holdings in Wells Fargo & Company by 9.3% during the fourth quarter. LPL Financial LLC now owns 1,588,600 shares of the financial services provider’s stock worth $76,221,000 after acquiring an additional 135,553 shares during the period. Freestone Capital Holdings LLC grew its holdings in Wells Fargo & Company by 2.6% during the fourth quarter. Freestone Capital Holdings LLC now owns 186,186 shares of the financial services provider’s stock worth $8,933,000 after acquiring an additional 4,740 shares during the period. Finally, Ulysses Management LLC grew its holdings in Wells Fargo & Company by 25.0% during the fourth quarter. Ulysses Management LLC now owns 50,000 shares of the financial services provider’s stock worth $2,399,000 after acquiring an additional 10,000 shares during the period. 72.23% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Down 4.1 %

Shares of Wells Fargo & Company stock traded down $1.69 during trading on Friday, hitting $39.83. 1,497,216 shares of the stock traded hands, compared to its average volume of 14,959,803. The stock has a market cap of $151.08 billion, a P/E ratio of 9.59, a PEG ratio of 1.04 and a beta of 1.16. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.80 and a current ratio of 0.81. Wells Fargo & Company has a twelve month low of $36.54 and a twelve month high of $60.30. The company has a fifty day moving average price of $43.88 and a two-hundred day moving average price of $44.46.

Wells Fargo & Company (NYSE:WFCGet Rating) last announced its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.03). The firm had revenue of $17.03 billion for the quarter, compared to analyst estimates of $17.54 billion. Wells Fargo & Company had a net margin of 22.52% and a return on equity of 10.67%. The firm’s quarterly revenue was down 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.38 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 4 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were issued a $0.30 dividend. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 3.01%. The ex-dividend date was Thursday, August 4th. Wells Fargo & Company’s payout ratio is 28.78%.

Analyst Ratings Changes

A number of research firms recently issued reports on WFC. Deutsche Bank Aktiengesellschaft lowered their target price on Wells Fargo & Company from $62.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, September 12th. Raymond James lowered their target price on Wells Fargo & Company from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, June 24th. Credit Suisse Group dropped their price target on Wells Fargo & Company from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, July 18th. Jefferies Financial Group dropped their price target on Wells Fargo & Company from $55.00 to $47.00 in a research note on Monday, July 11th. Finally, Piper Sandler set a $48.00 price target on Wells Fargo & Company in a research note on Monday, June 20th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.97.

Wells Fargo & Company Profile

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Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

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

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