InvesTrust Sells 63,657 Shares of Wells Fargo & Company $WFC

Key Points

• InvesTrust reduced its holdings in Wells Fargo & Company by 60% in the second quarter, now owning 42,372 shares worth approximately $3.40 million.
• Wells Fargo reported earnings of $1.54 per share for the last quarter, exceeding analysts' expectations, while the company announced a dividend increase to $0.45 per share, yielding 2.2%.
• Research analysts have given Wells Fargo an average rating of "Moderate Buy" with a consensus price target of $82.56, reflecting varying outlooks from several investment firms.

InvesTrust lowered its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 60.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 42,372 shares of the financial services provider's stock after selling 63,657 shares during the quarter. Wells Fargo & Company comprises approximately 1.3% of InvesTrust's holdings, making the stock its 26th largest holding. InvesTrust's holdings in Wells Fargo & Company were worth $3,395,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in WFC. CBIZ Investment Advisory Services LLC raised its stake in Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after buying an additional 322 shares during the period. Motco raised its stake in Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares during the period. Accent Capital Management LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth $29,000. 1248 Management LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth $31,000. Finally, Stone House Investment Management LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth $34,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on WFC shares. Bank of America raised their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. The Goldman Sachs Group lowered their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus price target of $82.56.

Wells Fargo & Company Stock Up 0.3%

Shares of NYSE WFC traded up $0.21 during mid-day trading on Friday, hitting $81.46. The company had a trading volume of 10,497,290 shares, compared to its average volume of 12,889,268. The company has a market capitalization of $260.95 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 1.27 and a beta of 1.25. The firm has a 50-day simple moving average of $80.38 and a two-hundred day simple moving average of $75.14. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a one year low of $51.75 and a one year high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the company earned $1.33 EPS. On average, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is 30.82%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.