Chevy Chase Trust Holdings LLC Sells 89,805 Shares of Wells Fargo & Company (NYSE:WFC)

Chevy Chase Trust Holdings LLC lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,910,026 shares of the financial services provider’s stock after selling 89,805 shares during the period. Chevy Chase Trust Holdings LLC owned 0.05% of Wells Fargo & Company worth $113,436,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Core Wealth Advisors Inc. bought a new stake in Wells Fargo & Company in the 4th quarter worth approximately $25,000. Tennessee Valley Asset Management Partners purchased a new stake in Wells Fargo & Company during the fourth quarter valued at $29,000. Wetzel Investment Advisors Inc. purchased a new stake in Wells Fargo & Company during the fourth quarter valued at $32,000. Transcendent Capital Group LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at $32,000. Finally, Bfsg LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 0.5 %

Shares of WFC stock traded down $0.30 during mid-day trading on Tuesday, hitting $56.15. The stock had a trading volume of 12,515,844 shares, compared to its average volume of 18,057,482. 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 firm’s 50-day moving average is $57.65 and its two-hundred day moving average is $57.27. The firm has a market capitalization of $195.76 billion, a P/E ratio of 11.56, a price-to-earnings-growth ratio of 1.40 and a beta of 1.17.

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 for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 earnings per share. On average, analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.85%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 32.85%.

Wall Street Analyst Weigh In

WFC has been the topic of several recent research reports. BMO Capital Markets upped their target price on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Evercore ISI restated an “outperform” rating and set a $67.00 price target (down previously from $70.00) on shares of Wells Fargo & Company in a report on Monday, July 15th. Morgan Stanley raised their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and reduced their target price for the company from $62.00 to $59.00 in a research note on Friday. Finally, JPMorgan Chase & Co. raised their target price on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Thirteen investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $59.63.

Wells Fargo & Company 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.