Checchi Capital Advisers LLC Trims Stock Position in Wells Fargo & Company $WFC

Checchi Capital Advisers LLC reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 5.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,744 shares of the financial services provider’s stock after selling 2,751 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Wells Fargo & Company were worth $4,226,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after purchasing an additional 25,436 shares in the last quarter. Vest Financial LLC increased its position in Wells Fargo & Company by 73.5% during the first quarter. Vest Financial LLC now owns 27,256 shares of the financial services provider’s stock worth $1,957,000 after buying an additional 11,547 shares during the period. Signal Advisors Wealth LLC increased its position in Wells Fargo & Company by 19.3% during the first quarter. Signal Advisors Wealth LLC now owns 5,871 shares of the financial services provider’s stock worth $421,000 after buying an additional 950 shares during the period. Procyon Advisors LLC increased its position in Wells Fargo & Company by 2.8% during the first quarter. Procyon Advisors LLC now owns 6,823 shares of the financial services provider’s stock worth $490,000 after buying an additional 184 shares during the period. Finally, Elk River Wealth Management LLC acquired a new position in Wells Fargo & Company during the first quarter worth approximately $201,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $80.63 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The business’s 50 day moving average is $80.77 and its two-hundred day moving average is $76.31. Wells Fargo & Company has a 12-month low of $55.98 and a 12-month high of $86.65. The stock has a market capitalization of $258.28 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 1.24 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the company posted $1.33 earnings per share. Wells Fargo & Company’s quarterly revenue was up .6% on a year-over-year basis. Research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.2%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is currently 30.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on WFC shares. Raymond James Financial cut shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Citigroup lifted their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Wells Fargo & Company in a research note on Saturday, September 27th. The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Finally, Cowen restated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.74.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.