Prime Capital Investment Advisors LLC Sells 16,277 Shares of Wells Fargo & Company $WFC

Prime Capital Investment Advisors LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 27.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,997 shares of the financial services provider's stock after selling 16,277 shares during the quarter. Prime Capital Investment Advisors LLC's holdings in Wells Fargo & Company were worth $3,445,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of WFC. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Wells Fargo & Company by 2,735,254.3% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock valued at $76,095,550,000 after acquiring an additional 949,735,001 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after acquiring an additional 7,894,919 shares during the period. Strs Ohio bought a new position in Wells Fargo & Company in the first quarter worth $109,643,000. Canada Pension Plan Investment Board boosted its stake in Wells Fargo & Company by 34.6% during the first quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider's stock worth $381,016,000 after buying an additional 1,365,629 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Wells Fargo & Company by 30.5% in the 1st quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider's stock valued at $353,668,000 after buying an additional 1,152,181 shares during the period. 75.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WFC. The Goldman Sachs Group lowered their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. UBS Group lowered their price target on shares of Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating on the stock in a report on Tuesday. Citigroup boosted their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Wells Fargo & Company in a report on Saturday, September 27th. Eight research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $85.41.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $81.09 on Wednesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The stock has a fifty day moving average price of $80.69 and a two-hundred day moving average price of $76.42. Wells Fargo & Company has a 52-week low of $57.07 and a 52-week high of $86.65. The firm has a market capitalization of $259.75 billion, a P/E ratio of 13.88, a P/E/G ratio of 1.24 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period in the prior year, the company posted $1.33 earnings per share. The business's revenue for the quarter was up .6% compared to the same quarter last year. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

About Wells Fargo & Company

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.

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