Folger Nolan Fleming Douglas Capital Management Inc. Trims Stock Holdings in Wells Fargo & Company $WFC

Folger Nolan Fleming Douglas Capital Management Inc. reduced its stake in Wells Fargo & Company (NYSE:WFC) by 4.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,696 shares of the financial services provider’s stock after selling 3,214 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Wells Fargo & Company were worth $5,664,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Accretive Wealth Partners LLC purchased a new stake in Wells Fargo & Company in the 1st quarter valued at about $399,000. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Wells Fargo & Company by 10.4% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after buying an additional 71,740 shares during the period. Secured Retirement Advisors LLC purchased a new stake in Wells Fargo & Company during the first quarter worth about $408,000. RKL Wealth Management LLC increased its stake in Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 5,113 shares during the period. Finally, Three Bridge Wealth Advisors LLC purchased a new stake in Wells Fargo & Company during the second quarter worth about $364,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $77.74 on Friday. Wells Fargo & Company has a one year low of $58.42 and a one year high of $86.65. The company has a market cap of $249.04 billion, a PE ratio of 13.31, a P/E/G ratio of 1.29 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The business has a 50-day simple moving average of $80.63 and a 200-day simple moving average of $76.51.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the company posted $1.33 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is presently 30.82%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. UBS Group cut their price target on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday. Weiss Ratings upgraded shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday. The Goldman Sachs Group cut their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley lowered shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $87.00 to $90.00 in a research note on Monday, September 29th. Finally, Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Nine research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $85.41.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.