SouthState Corp Reduces Stake in Wells Fargo & Company (NYSE:WFC)

SouthState Corp trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 8.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,311 shares of the financial services provider’s stock after selling 832 shares during the quarter. SouthState Corp’s holdings in Wells Fargo & Company were worth $553,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Core Wealth Advisors Inc. purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $25,000. Transcendent Capital Group LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $32,000. Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $34,000. Beaird Harris Wealth Management LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $34,000. Finally, VisionPoint Advisory Group LLC raised its position in shares of Wells Fargo & Company by 180.4% during the 4th quarter. VisionPoint Advisory Group LLC now owns 715 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 460 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 2.2 %

NYSE WFC opened at $56.86 on Friday. The firm has a market capitalization of $198.23 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 1.43 and a beta of 1.17. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55. The company’s 50 day moving average price is $57.42 and its 200 day moving average price is $57.87.

Wells Fargo & Company (NYSE:WFC) last released 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. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $20.29 billion. During the same quarter in the prior year, the business earned $1.25 earnings per share. The business’s quarterly revenue was up .8% compared to the same quarter last year. On average, sell-side analysts predict that Wells Fargo & Company will post 5.15 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a $0.40 dividend. The ex-dividend date was Friday, August 9th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.81%. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Analyst Ratings Changes

Several equities analysts have weighed in on WFC shares. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and dropped their price target for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Keefe, Bruyette & Woods cut their target price on shares of 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. Evercore ISI reaffirmed an “outperform” rating and set a $67.00 price target (down from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Tuesday. Finally, Morgan Stanley raised their target price on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Twelve analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $60.41.

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.