Folger Nolan Fleming Douglas Capital Management Inc. Sells 6,631 Shares of Wells Fargo & Company (NYSE:WFC)

Folger Nolan Fleming Douglas Capital Management Inc. reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 6.3% in the 2nd quarter, Holdings Channel reports. The fund owned 98,288 shares of the financial services provider’s stock after selling 6,631 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Wells Fargo & Company were worth $3,850,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of WFC. Vise Technologies Inc. acquired a new position in Wells Fargo & Company during the first quarter valued at approximately $269,000. IFM Investors Pty Ltd increased its stake in shares of Wells Fargo & Company by 17.3% during the first quarter. IFM Investors Pty Ltd now owns 628,740 shares of the financial services provider’s stock worth $30,469,000 after purchasing an additional 92,802 shares during the period. Alyeska Investment Group L.P. increased its stake in shares of Wells Fargo & Company by 153.5% during the first quarter. Alyeska Investment Group L.P. now owns 760,564 shares of the financial services provider’s stock worth $36,857,000 after purchasing an additional 460,534 shares during the period. Ensign Peak Advisors Inc increased its stake in Wells Fargo & Company by 4.2% during the 1st quarter. Ensign Peak Advisors Inc now owns 4,145,967 shares of the financial services provider’s stock worth $200,913,000 after acquiring an additional 167,097 shares during the period. Finally, Marcum Wealth LLC increased its stake in Wells Fargo & Company by 8.2% during the 2nd quarter. Marcum Wealth LLC now owns 11,295 shares of the financial services provider’s stock worth $442,000 after acquiring an additional 858 shares during the period. 72.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Credit Suisse Group lowered their price objective on Wells Fargo & Company from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, July 18th. Raymond James lowered their price objective on Wells Fargo & Company from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, June 24th. Deutsche Bank Aktiengesellschaft decreased their price target on Wells Fargo & Company from $62.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, September 12th. Royal Bank of Canada decreased their price target on Wells Fargo & Company from $55.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, July 1st. Finally, Barclays decreased their price target on Wells Fargo & Company from $64.00 to $58.00 and set an “overweight” rating on the stock in a research note on Monday, July 18th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $55.97.

Wells Fargo & Company Trading Down 4.1 %

WFC traded down $1.69 during midday trading on Friday, hitting $39.83. 1,497,216 shares of the company were exchanged, compared to its average volume of 14,959,803. The firm has a market capitalization of $151.08 billion, a P/E ratio of 9.59, a P/E/G ratio of 1.04 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $36.54 and a 1-year high of $60.30. The firm’s 50 day moving average price is $43.88 and its 200-day moving average price is $44.46. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.94.

Wells Fargo & Company (NYSE:WFCGet Rating) last announced its earnings results on Friday, July 15th. The financial services provider reported $0.74 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.03). The company had revenue of $17.03 billion for the quarter, compared to analyst estimates of $17.54 billion. Wells Fargo & Company had a return on equity of 10.67% and a net margin of 22.52%. The firm’s quarterly revenue was down 16.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.38 earnings per share. As a group, equities analysts forecast that Wells Fargo & Company will post 4 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 5th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.01%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Thursday, August 4th. Wells Fargo & Company’s payout ratio is currently 28.78%.

Wells Fargo & Company Company Profile

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Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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