Wells Fargo & Company (NYSE:WFC) Shares Sold by Mystic Asset Management Inc.

Mystic Asset Management Inc. lessened its position in Wells Fargo & Company (NYSE:WFC) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,814 shares of the financial services provider’s stock after selling 243 shares during the period. Mystic Asset Management Inc.’s holdings in Wells Fargo & Company were worth $1,771,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Core Wealth Advisors Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at $25,000. Valued Wealth Advisors LLC lifted its position in 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 buying an additional 220 shares during the period. Transcendent Capital Group LLC purchased a new position in Wells Fargo & Company during the fourth quarter worth about $32,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at about $34,000. Finally, Beaird Harris Wealth Management LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $52.78 on Friday. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. 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 company has a market capitalization of $179.65 billion, a price-to-earnings ratio of 10.84, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. The firm’s fifty day moving average price is $56.60 and its 200 day moving average price is $57.91.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. During the same period in the previous year, the company earned $1.25 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year. On average, research analysts forecast that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.03%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio is presently 32.85%.

Analysts Set New Price Targets

WFC has been the topic of several research analyst reports. 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. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Tuesday, September 3rd. BMO Capital Markets lifted their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Evercore ISI reduced their price objective on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, September 6th. Twelve research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus price target of $60.29.

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.