Pinnacle Associates Ltd. reduced its position in Wells Fargo & Company (NYSE:WFC) by 2.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 236,178 shares of the financial services provider’s stock after selling 5,001 shares during the period. Pinnacle Associates Ltd.’s holdings in Wells Fargo & Company were worth $13,087,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Alerus Financial NA increased its position in Wells Fargo & Company by 14.1% in the 2nd quarter. Alerus Financial NA now owns 188,587 shares of the financial services provider’s stock worth $10,450,000 after purchasing an additional 23,300 shares during the last quarter. Sawtooth Solutions LLC increased its position in Wells Fargo & Company by 15.9% in the 2nd quarter. Sawtooth Solutions LLC now owns 30,183 shares of the financial services provider’s stock worth $1,672,000 after purchasing an additional 4,139 shares during the last quarter. Cedar Capital LLC increased its position in Wells Fargo & Company by 16.9% in the 2nd quarter. Cedar Capital LLC now owns 4,770 shares of the financial services provider’s stock worth $264,000 after purchasing an additional 689 shares during the last quarter. Burney Co. increased its position in Wells Fargo & Company by 4.3% in the 2nd quarter. Burney Co. now owns 16,617 shares of the financial services provider’s stock worth $927,000 after purchasing an additional 690 shares during the last quarter. Finally, Private Management Group Inc. increased its position in Wells Fargo & Company by 74.1% in the 2nd quarter. Private Management Group Inc. now owns 445,184 shares of the financial services provider’s stock worth $24,668,000 after purchasing an additional 189,498 shares during the last quarter. 74.88% of the stock is currently owned by institutional investors.

Shares of Wells Fargo & Company (NYSE WFC) traded up $0.03 during mid-day trading on Monday, hitting $54.09. The company’s stock had a trading volume of 5,386,400 shares, compared to its average volume of 18,016,963. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.91 and a quick ratio of 0.89. Wells Fargo & Company has a 52 week low of $49.27 and a 52 week high of $59.99. The company has a market cap of $266,353.28, a P/E ratio of 13.07, a P/E/G ratio of 1.30 and a beta of 0.97.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.84 EPS for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). The firm had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $22.30 billion. Wells Fargo & Company had a return on equity of 12.59% and a net margin of 22.00%. Wells Fargo & Company’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.03 EPS. equities analysts expect that Wells Fargo & Company will post 3.97 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 3rd will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $1.56 annualized dividend and a dividend yield of 2.88%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 40.31%.

Several research analysts have weighed in on WFC shares. Robert W. Baird reaffirmed a “buy” rating and issued a $58.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, September 5th. Keefe, Bruyette & Woods set a $61.00 price objective on Wells Fargo & Company and gave the company a “buy” rating in a report on Friday, August 25th. Nomura increased their price objective on Wells Fargo & Company from $64.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 28th. Instinet reissued a “buy” rating and set a $65.00 price objective (up previously from $64.00) on shares of Wells Fargo & Company in a report on Saturday, September 30th. Finally, Citigroup Inc. reissued a “buy” rating and set a $65.00 price objective (up previously from $60.00) on shares of Wells Fargo & Company in a report on Monday, October 9th. Six equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $57.20.

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Wells Fargo & Company Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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