Wells Fargo & Company (NYSE:WFC) Shares Sold by Mackay Shields LLC

Mackay Shields LLC reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 12.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 649,812 shares of the financial services provider’s stock after selling 92,759 shares during the quarter. Mackay Shields LLC’s holdings in Wells Fargo & Company were worth $29,430,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Centerpoint Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the second quarter valued at about $25,000. Loomis Sayles & Co. L P purchased a new stake in Wells Fargo & Company during the first quarter worth about $27,000. MV Capital Management Inc. raised its position in Wells Fargo & Company by 561.5% during the second quarter. MV Capital Management Inc. now owns 602 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 511 shares during the last quarter. Isthmus Partners LLC acquired a new position in Wells Fargo & Company during the second quarter worth about $27,000. Finally, Holloway Wealth Management LLC raised its position in Wells Fargo & Company by 547.0% during the second quarter. Holloway Wealth Management LLC now owns 647 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 547 shares during the last quarter. 70.82% of the stock is currently owned by institutional investors.

Shares of Wells Fargo & Company stock traded down $0.90 during trading on Thursday, hitting $45.15. 1,514,864 shares of the company were exchanged, compared to its average volume of 30,030,033. The firm has a market capitalization of $185.40 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 0.99 and a beta of 1.36. Wells Fargo & Company has a 1-year low of $20.76 and a 1-year high of $51.41. The firm’s fifty day moving average price is $47.13 and its 200 day moving average price is $45.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.83 and a quick ratio of 0.81.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Thursday, October 14th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.04 by $0.13. Wells Fargo & Company had a return on equity of 9.85% and a net margin of 19.79%. The business had revenue of $18.83 billion during the quarter, compared to analyst estimates of $18.31 billion. During the same period in the previous year, the firm earned $0.56 EPS. Wells Fargo & Company’s quarterly revenue was down .1% compared to the same quarter last year. As a group, equities research analysts anticipate that Wells Fargo & Company will post 4.37 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Friday, August 6th were given a $0.20 dividend. The ex-dividend date was Thursday, August 5th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.10. This represents a $0.80 annualized dividend and a dividend yield of 1.77%. Wells Fargo & Company’s payout ratio is currently 145.45%.

Several equities analysts recently commented on the stock. Raymond James upped their price target on shares of Wells Fargo & Company from $52.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. Odeon Capital Group cut shares of Wells Fargo & Company from a “buy” rating to a “hold” rating in a report on Monday, July 19th. Barclays increased their target price on shares of Wells Fargo & Company from $46.00 to $50.00 and gave the stock an “equal weight” rating in a report on Thursday, July 15th. Royal Bank of Canada increased their price objective on shares of Wells Fargo & Company from $40.00 to $45.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 7th. Finally, Evercore ISI reiterated a “buy” rating and issued a $49.00 target price on shares of Wells Fargo & Company in a research report on Friday, September 10th. Nine investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $47.95.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.

Further Reading: How analysts view the yield curve

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

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