SP Asset Management LLC Trims Holdings in Wells Fargo & Company (NYSE:WFC)

SP Asset Management LLC decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 3.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 282,804 shares of the financial services provider’s stock after selling 11,456 shares during the period. Wells Fargo & Company accounts for 1.5% of SP Asset Management LLC’s investment portfolio, making the stock its 17th largest position. SP Asset Management LLC’s holdings in Wells Fargo & Company were worth $16,796,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in Wells Fargo & Company in the 4th quarter valued at $2,623,044,000. 1832 Asset Management L.P. boosted its stake in Wells Fargo & Company by 67.1% during the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock valued at $339,226,000 after buying an additional 2,349,595 shares during the period. Morningstar Investment Services LLC grew its position in Wells Fargo & Company by 103.7% during the fourth quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock worth $189,684,000 after buying an additional 1,951,477 shares in the last quarter. Rokos Capital Management LLP increased its stake in Wells Fargo & Company by 141.6% in the 1st quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock worth $151,853,000 after acquiring an additional 1,536,152 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. bought a new position in Wells Fargo & Company in the 1st quarter worth about $84,819,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $53.95 on Wednesday. The business’s fifty day moving average is $57.05 and its 200 day moving average is $57.97. 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 stock has a market cap of $188.09 billion, a price-to-earnings ratio of 11.08, a PEG ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $38.38 and a twelve month 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 for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. The firm had revenue of $20.69 billion for the quarter, compared to the consensus estimate 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 was up .8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 EPS. Research analysts expect that Wells Fargo & Company will post 5.15 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio is 32.85%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. BMO Capital Markets lifted their price target 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 lifted their target price on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods decreased their price target on shares of 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. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Tuesday, September 3rd. Finally, Evercore ISI cut 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, September 6th. Twelve investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $60.29.

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.