Wells Fargo & Company (NYSE:WFC) Position Reduced by Norden Group LLC

Norden Group LLC decreased its holdings in Wells Fargo & Company (NYSE:WFC) by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,516 shares of the financial services provider’s stock after selling 387 shares during the period. Norden Group LLC’s holdings in Wells Fargo & Company were worth $1,931,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Slagle Financial LLC lifted its position in Wells Fargo & Company by 97.3% in the fourth quarter. Slagle Financial LLC now owns 138,594 shares of the financial services provider’s stock worth $6,822,000 after purchasing an additional 68,356 shares during the period. Ballentine Partners LLC lifted its holdings in shares of Wells Fargo & Company by 5.4% during the 1st quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock valued at $2,074,000 after purchasing an additional 1,835 shares in the last quarter. Wedmont Private Capital raised its position in Wells Fargo & Company by 16.4% in the 1st quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock valued at $8,805,000 after buying an additional 21,496 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Wells Fargo & Company by 61.7% during the 4th quarter. Quadrant Capital Group LLC now owns 41,268 shares of the financial services provider’s stock worth $2,031,000 after purchasing an additional 15,742 shares during the last quarter. Finally, Pacific Global Investment Management Co. increased its holdings in shares of Wells Fargo & Company by 13.4% during the 4th quarter. Pacific Global Investment Management Co. now owns 13,680 shares of the financial services provider’s stock worth $673,000 after acquiring an additional 1,620 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and cut their target price for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Keefe, Bruyette & Woods cut their price target on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. BMO Capital Markets lifted their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Morgan Stanley boosted their price objective on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Tuesday. Twelve research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of “Hold” and a consensus target price of $60.29.

Wells Fargo & Company Price Performance

Shares of WFC stock traded down $2.86 during mid-day trading on Friday, hitting $54.00. 21,853,782 shares of the stock were exchanged, compared to its average volume of 17,798,791. Wells Fargo & Company has a 52-week low of $38.38 and a 52-week high of $62.55. 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 fifty day moving average of $57.31 and a 200 day moving average of $57.88. The company has a market cap of $188.26 billion, a PE ratio of 11.09, a price-to-earnings-growth ratio of 1.43 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly 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 net margin of 15.17% and a return on equity of 12.30%. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. During the same quarter last year, the firm earned $1.25 EPS. The business’s revenue was up .8% compared to the same quarter last year. Research analysts anticipate that Wells Fargo & Company will post 5.15 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared 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. 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%. The ex-dividend date was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 32.85%.

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.