Naviter Wealth LLC Lowers Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Naviter Wealth LLC cut its holdings in Wells Fargo & Company (NYSE:WFC) by 4.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,594 shares of the financial services provider’s stock after selling 1,800 shares during the period. Naviter Wealth LLC’s holdings in Wells Fargo & Company were worth $2,411,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of WFC. Sherbrooke Park Advisers LLC bought a new position in shares of Wells Fargo & Company during the third quarter valued at $403,000. Waverly Advisors LLC boosted its stake in Wells Fargo & Company by 1.8% during the third quarter. Waverly Advisors LLC now owns 16,071 shares of the financial services provider’s stock worth $657,000 after buying an additional 291 shares during the period. Hodges Capital Management Inc. bought a new position in shares of Wells Fargo & Company during the third quarter valued at approximately $486,000. AQR Capital Management LLC lifted its holdings in Wells Fargo & Company by 6.7% during the 3rd quarter. AQR Capital Management LLC now owns 358,464 shares of the financial services provider’s stock valued at $14,647,000 after buying an additional 22,581 shares in the last quarter. Finally, Becker Capital Management Inc. lifted its holdings in shares of Wells Fargo & Company by 7.3% in the 3rd quarter. Becker Capital Management Inc. now owns 15,178 shares of the financial services provider’s stock worth $620,000 after buying an additional 1,034 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on WFC shares. HSBC lifted their price objective on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Citigroup reiterated a “neutral” rating and issued a $63.00 price objective (up from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. Evercore ISI boosted their price objective on Wells Fargo & Company from $69.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, June 25th. Morgan Stanley boosted their price objective on Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Fourteen analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $59.15.

Wells Fargo & Company Trading Up 0.6 %

Shares of WFC traded up $0.38 during trading hours on Tuesday, hitting $60.97. 9,523,882 shares of the stock traded hands, compared to its average volume of 18,463,414. The business has a fifty day moving average of $59.54 and a 200-day moving average of $55.22. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The firm has a market capitalization of $212.56 billion, a PE ratio of 12.71, a price-to-earnings-growth ratio of 1.46 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. The firm had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.23 EPS. Analysts expect that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, May 9th. This represents a $1.40 annualized dividend and a dividend yield of 2.30%. Wells Fargo & Company’s dividend payout ratio is currently 29.23%.

Wells Fargo & 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.