Wells Fargo & Company (NYSE:WFC) Shares Sold by Lummis Asset Management LP

Lummis Asset Management LP lowered its stake in Wells Fargo & Company (NYSE:WFC) by 18.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 27,878 shares of the financial services provider’s stock after selling 6,131 shares during the quarter. Wells Fargo & Company comprises 2.2% of Lummis Asset Management LP’s portfolio, making the stock its 17th largest position. Lummis Asset Management LP’s holdings in Wells Fargo & Company were worth $1,616,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $2,623,044,000. Capital World Investors boosted its position in Wells Fargo & Company by 1.0% during the fourth quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock worth $1,295,459,000 after purchasing an additional 263,176 shares during the period. Sanders Capital LLC boosted its holdings in Wells Fargo & Company by 3.2% during the fourth quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock valued at $1,241,231,000 after acquiring an additional 781,772 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Wells Fargo & Company by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,237,905 shares of the financial services provider’s stock worth $1,143,770,000 after acquiring an additional 526,178 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Wells Fargo & Company by 3.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 18,941,772 shares of the financial services provider’s stock valued at $932,352,000 after buying an additional 596,521 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 4.1 %

Shares of WFC traded down $2.46 during trading hours on Thursday, reaching $56.88. The stock had a trading volume of 17,744,891 shares, compared to its average volume of 18,117,852. The firm has a 50-day simple moving average of $59.01 and a 200 day simple moving average of $56.77. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. The company has a market capitalization of $198.30 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 1.47 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.25 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be paid a $0.40 dividend. The ex-dividend date is Friday, August 9th. This represents a $1.60 annualized dividend and a yield of 2.81%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio is currently 28.75%.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research analyst reports. Oppenheimer reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. JPMorgan Chase & Co. increased their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. BMO Capital Markets increased their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Jefferies Financial Group upped their price objective on Wells Fargo & Company from $62.00 to $64.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Thirteen investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $59.52.

About Wells Fargo & Company

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