Steel Grove Capital Advisors LLC Has $429,000 Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Steel Grove Capital Advisors LLC lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 51.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,402 shares of the financial services provider’s stock after acquiring an additional 2,500 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in Wells Fargo & Company were worth $429,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Arlington Trust Co LLC bought a new stake in Wells Fargo & Company in the fourth quarter valued at about $25,000. Core Wealth Advisors Inc. bought a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Tennessee Valley Asset Management Partners acquired a new stake in Wells Fargo & Company in the fourth quarter worth $29,000. Wetzel Investment Advisors Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter worth $32,000. Finally, Transcendent Capital Group LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $32,000. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

WFC has been the topic of several recent analyst reports. Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Monday, April 15th. Argus lifted their price target on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Jefferies Financial Group upped their target price on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, StockNews.com upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Thirteen 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 company’s stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Hold” and an average target price of $59.31.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded up $0.69 during midday trading on Friday, hitting $60.39. 12,538,935 shares of the company’s stock were exchanged, compared to its average volume of 16,486,272. 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 $210.54 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 1.48 and a beta of 1.17. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55. The company’s 50 day moving average price is $59.15 and its 200 day moving average price is $56.53.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate 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 quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the company earned $1.25 earnings per share. As a group, 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 disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 28.75%.

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.