Sage Rhino Capital LLC Grows Stake in Wells Fargo & Company (NYSE:WFC)

Sage Rhino Capital LLC raised its stake in Wells Fargo & Company (NYSE:WFC) by 1.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 20,202 shares of the financial services provider’s stock after acquiring an additional 263 shares during the quarter. Sage Rhino Capital LLC’s holdings in Wells Fargo & Company were worth $1,200,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Core Wealth Advisors Inc. purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $25,000. Valued Wealth Advisors LLC increased its position in shares of Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 220 shares during the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $32,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $34,000. Finally, Beaird Harris Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $34,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on WFC shares. Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and dropped their target price for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. BMO Capital Markets lifted their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Morgan Stanley lifted their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods decreased their price target on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research note on Monday, July 15th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $67.00 price target (down from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. Thirteen investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $59.63.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded up $1.12 during midday trading on Friday, hitting $58.47. 20,377,255 shares of the company’s stock were exchanged, compared to its average volume of 17,823,389. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. The stock’s 50 day moving average price is $57.39 and its 200-day moving average price is $57.59. The firm has a market cap of $203.84 billion, a P/E ratio of 12.01, a PEG ratio of 1.40 and a beta of 1.17. Wells Fargo & Company has a twelve month low of $38.38 and a twelve month high of $62.55.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 earnings per share. Equities research analysts anticipate that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, August 9th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a dividend yield of 2.74%. Wells Fargo & Company’s payout ratio is currently 32.85%.

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.