SeaCrest Wealth Management LLC Sells 9,707 Shares of Wells Fargo & Company $WFC

Key Points

• SeaCrest Wealth Management LLC has reduced its holdings in Wells Fargo & Company by 43.2%, now owning 12,767 shares worth approximately $1,023,000.
• The company announced a quarterly dividend increase from $0.40 to $0.45, with a current yield of 2.1%.
• Research analysts have given Wells Fargo an average rating of "Moderate Buy", with a consensus price target of $82.56.

SeaCrest Wealth Management LLC lessened its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 43.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,767 shares of the financial services provider's stock after selling 9,707 shares during the quarter. SeaCrest Wealth Management LLC's holdings in Wells Fargo & Company were worth $1,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. CBIZ Investment Advisory Services LLC raised its stake in shares of 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 in the last quarter. Accent Capital Management LLC acquired a new position in Wells Fargo & Company in the first quarter valued at approximately $29,000. Motco lifted its position in Wells Fargo & Company by 397.6% in the first 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. raised its stake in Wells Fargo & Company by 112.9% during the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 227 shares during the period. Finally, 1248 Management LLC bought a new stake in Wells Fargo & Company in the first quarter worth $31,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 1.3%

Shares of WFC stock traded up $1.11 during mid-day trading on Friday, hitting $84.61. The company's stock had a trading volume of 36,444,763 shares, compared to its average volume of 14,401,850. The company's fifty day simple moving average is $80.44 and its 200-day simple moving average is $75.40. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 52 week low of $53.31 and a 52 week high of $84.93. The company has a market cap of $271.04 billion, a PE ratio of 14.49, a P/E/G ratio of 1.31 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results 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 the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.33 earnings per share. As a group, equities 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 business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company's dividend payout ratio is 30.82%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Bank of America lifted their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Finally, Morgan Stanley upped their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Ten 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $82.56.

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.