Wells Fargo & Company $WFC is Hoey Investments Inc.'s 8th Largest Position

Key Points

• Hoey Investments Inc. has reduced its stake in Wells Fargo & Company by 5.4%, making it the 8th largest position in their portfolio, now valued at approximately $11.5 million.
• Wells Fargo reported earnings of $1.54 per share, surpassing estimates, with a revenue of $20.82 billion for the last quarter.
• The company has recently increased its quarterly dividend to $0.45 per share, reflecting a yield of 2.1% and a payout ratio of 30.82%.

Hoey Investments Inc. decreased its stake in Wells Fargo & Company (NYSE:WFC) by 5.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 143,958 shares of the financial services provider's stock after selling 8,270 shares during the quarter. Wells Fargo & Company comprises 1.7% of Hoey Investments Inc.'s portfolio, making the stock its 8th biggest holding. Hoey Investments Inc.'s holdings in Wells Fargo & Company were worth $11,534,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after purchasing an additional 322 shares during the period. Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth approximately $29,000. Motco boosted its holdings in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the period. Nova Wealth Management Inc. boosted its holdings in shares of Wells Fargo & Company by 112.9% in the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider's stock worth $34,000 after purchasing an additional 227 shares during the period. Finally, 1248 Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth approximately $31,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.6%

Shares of WFC stock opened at $85.17 on Tuesday. Wells Fargo & Company has a 1-year low of $53.31 and a 1-year high of $85.28. The stock's fifty day moving average price is $80.47 and its 200 day moving average price is $75.50. 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 company has a market cap of $272.85 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.31 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share 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 for the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the business earned $1.33 EPS. The firm's revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 8th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio (DPR) is presently 30.82%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Raymond James Financial lowered 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 decreased their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Morgan Stanley raised their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Finally, Phillip Securities lowered Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $82.56.

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.

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