Wells Fargo & Company (NYSE:WFC) Stock Position Lifted by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC grew its position in Wells Fargo & Company (NYSE:WFC) by 564.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,654 shares of the financial services provider’s stock after acquiring an additional 9,050 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Wells Fargo & Company were worth $633,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. 9258 Wealth Management LLC lifted its position in shares of Wells Fargo & Company by 4.1% in the 4th quarter. 9258 Wealth Management LLC now owns 12,972 shares of the financial services provider’s stock worth $638,000 after buying an additional 516 shares during the last quarter. Gryphon Financial Partners LLC boosted its stake in Wells Fargo & Company by 93.3% in the fourth quarter. Gryphon Financial Partners LLC now owns 26,467 shares of the financial services provider’s stock valued at $1,246,000 after acquiring an additional 12,778 shares during the period. Calton & Associates Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $222,000. VisionPoint Advisory Group LLC raised its position 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. Finally, Acorn Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $224,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 5.0 %

Shares of WFC stock traded down $2.86 during trading hours on Friday, reaching $54.00. 21,853,782 shares of the stock traded hands, compared to its average volume of 17,798,791. The business has a fifty day moving average price of $57.31 and a 200 day moving average price of $57.93. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year 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 market capitalization of $188.26 billion, a PE ratio of 11.09, a PEG ratio of 1.43 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. During the same period in the previous year, the business earned $1.25 EPS. The company’s revenue was up .8% on a year-over-year basis. On average, equities research analysts forecast that Wells Fargo & Company will post 5.15 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.96%. The ex-dividend date was 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 32.85%.

Analysts Set New Price Targets

A number of brokerages recently commented on WFC. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods dropped their price objective 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. Morgan Stanley boosted 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 note on Tuesday, July 30th. Evercore ISI dropped their price target on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and reduced their price objective for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Twelve equities 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $60.29.

Wells Fargo & Company 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.