Powers Advisory Group LLC Cuts Position in Wells Fargo & Company (NYSE:WFC)

Powers Advisory Group LLC decreased its position in Wells Fargo & Company (NYSE:WFC) by 18.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,482 shares of the financial services provider’s stock after selling 1,047 shares during the quarter. Powers Advisory Group LLC’s holdings in Wells Fargo & Company were worth $260,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth $2,623,044,000. LSV Asset Management grew its stake in shares of Wells Fargo & Company by 40.4% in the fourth quarter. LSV Asset Management now owns 9,308,450 shares of the financial services provider’s stock worth $458,162,000 after acquiring an additional 2,677,050 shares in the last quarter. Morningstar Investment Services LLC grew its stake in shares of Wells Fargo & Company by 103.7% in the fourth quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock worth $189,684,000 after acquiring an additional 1,951,477 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Wells Fargo & Company by 42.7% in the fourth quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock worth $285,668,000 after acquiring an additional 1,729,132 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its stake in shares of Wells Fargo & Company by 91.5% in the fourth quarter. 1832 Asset Management L.P. now owns 3,503,169 shares of the financial services provider’s stock worth $172,426,000 after acquiring an additional 1,673,917 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

WFC traded down $0.31 on Thursday, reaching $60.66. The company had a trading volume of 6,698,813 shares, compared to its average volume of 18,808,808. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55. The stock has a market capitalization of $211.48 billion, a PE ratio of 12.66, a P/E/G ratio of 1.50 and a beta of 1.17. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. The stock has a 50-day moving average price of $59.54 and a 200-day moving average price of $55.34.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The firm had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same period in the previous year, the company earned $1.23 earnings per share. Wells Fargo & Company’s quarterly revenue was up .6% compared to the same quarter last year. As a group, research analysts forecast that Wells Fargo & Company will post 5.13 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.40 annualized dividend and a yield of 2.31%. Wells Fargo & Company’s payout ratio is currently 29.23%.

Analyst Ratings Changes

Several research firms have commented on WFC. StockNews.com upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Oppenheimer restated a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Evercore ISI boosted their target price on shares of Wells Fargo & Company from $69.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 25th. Jefferies Financial Group boosted their target price on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Argus boosted their target price on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Fourteen investment 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $59.36.

About Wells Fargo & Company

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.