Lake Street Advisors Group LLC Cuts Stake in Wells Fargo & Company (NYSE:WFC)

Lake Street Advisors Group LLC lessened its stake in Wells Fargo & Company (NYSE:WFC) by 46.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,527 shares of the financial services provider’s stock after selling 11,035 shares during the period. Lake Street Advisors Group LLC’s holdings in Wells Fargo & Company were worth $617,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. WealthPlan Investment Management LLC boosted its holdings in Wells Fargo & Company by 2,174.3% in the third quarter. WealthPlan Investment Management LLC now owns 21,287 shares of the financial services provider’s stock worth $870,000 after acquiring an additional 20,351 shares in the last quarter. Atria Wealth Solutions Inc. boosted its holdings in Wells Fargo & Company by 1.1% in the third quarter. Atria Wealth Solutions Inc. now owns 98,308 shares of the financial services provider’s stock worth $4,017,000 after acquiring an additional 1,025 shares in the last quarter. ProVise Management Group LLC boosted its holdings in Wells Fargo & Company by 4.4% in the third quarter. ProVise Management Group LLC now owns 332,368 shares of the financial services provider’s stock worth $13,581,000 after acquiring an additional 13,877 shares in the last quarter. Burney Co. boosted its holdings in Wells Fargo & Company by 47.9% in the third quarter. Burney Co. now owns 98,258 shares of the financial services provider’s stock worth $4,015,000 after acquiring an additional 31,834 shares in the last quarter. Finally, Shell Asset Management Co. lifted its holdings in shares of Wells Fargo & Company by 34.5% during the third quarter. Shell Asset Management Co. now owns 63,702 shares of the financial services provider’s stock worth $2,603,000 after purchasing an additional 16,327 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Oppenheimer reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a report on Monday, April 15th. Evercore ISI lifted their target price on Wells Fargo & Company from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 price target (up from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Argus boosted their price target on Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a report on Monday, April 15th. Finally, Morgan Stanley boosted their price objective on Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Fourteen equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and an average price target of $58.99.

Wells Fargo & Company Trading Down 0.4 %

NYSE:WFC traded down $0.21 during trading hours on Wednesday, hitting $58.49. The company had a trading volume of 5,587,733 shares, compared to its average volume of 18,106,463. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. The company has a 50-day moving average of $59.34 and a 200 day moving average of $53.42. The company has a market cap of $203.91 billion, a P/E ratio of 12.16, a P/E/G ratio of 1.56 and a beta of 1.17. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The business had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. During the same quarter in the prior year, the company posted $1.23 EPS. The company’s quarterly revenue was up .6% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 5.08 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

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.