Cobblestone Capital Advisors LLC NY Decreases Stake in Wells Fargo & Company (NYSE:WFC)

Cobblestone Capital Advisors LLC NY decreased its holdings in Wells Fargo & Company (NYSE:WFC) by 22.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 408,879 shares of the financial services provider’s stock after selling 118,399 shares during the quarter. Wells Fargo & Company comprises approximately 1.5% of Cobblestone Capital Advisors LLC NY’s portfolio, making the stock its 18th biggest holding. Cobblestone Capital Advisors LLC NY’s holdings in Wells Fargo & Company were worth $24,283,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of WFC. Core Wealth Advisors Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at about $25,000. Transcendent Capital Group LLC acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $32,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $34,000. Beaird Harris Wealth Management LLC acquired a new position in Wells Fargo & Company in the 4th quarter valued at $34,000. Finally, VisionPoint Advisory Group LLC lifted its stake in shares of Wells Fargo & Company by 180.4% during the 4th quarter. VisionPoint Advisory Group LLC now owns 715 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 460 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC traded down $2.86 during trading on Friday, reaching $54.00. The stock had a trading volume of 21,853,782 shares, compared to its average volume of 17,798,791. The stock has a 50 day moving average of $57.31 and a two-hundred day moving average of $57.88. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $188.26 billion, a price-to-earnings ratio of 11.09, a price-to-earnings-growth ratio of 1.43 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. During the same period in the previous year, the company earned $1.25 earnings per share. Wells Fargo & Company’s revenue was up .8% compared to the same quarter last year. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.15 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.96%. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on WFC shares. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Tuesday. Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods lowered their target price on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a report on Monday, July 15th. BMO Capital Markets increased their price target on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Finally, Evercore ISI lowered their price objective on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday. Twelve analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus price target of $60.29.

Wells Fargo & Company Profile

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.