Prime Capital Investment Advisors LLC Has $3.45 Million Stock Holdings in Wells Fargo & Company $WFC

Prime Capital Investment Advisors LLC cut its holdings in Wells Fargo & Company (NYSE:WFC) by 27.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 42,997 shares of the financial services provider’s stock after selling 16,277 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Wells Fargo & Company were worth $3,445,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WFC. Brighton Jones LLC increased its position in Wells Fargo & Company by 62.3% in 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 during the period. First Citizens Bank & Trust Co. increased its position in Wells Fargo & Company by 2.2% in the first quarter. First Citizens Bank & Trust Co. now owns 36,632 shares of the financial services provider’s stock worth $2,630,000 after purchasing an additional 778 shares during the period. NewSquare Capital LLC increased its position in Wells Fargo & Company by 48.8% in the first quarter. NewSquare Capital LLC now owns 2,061 shares of the financial services provider’s stock worth $148,000 after purchasing an additional 676 shares during the period. City Holding Co. increased its position in Wells Fargo & Company by 26.7% in the first quarter. City Holding Co. now owns 1,850 shares of the financial services provider’s stock worth $133,000 after purchasing an additional 390 shares during the period. Finally, Pallas Capital Advisors LLC increased its position in Wells Fargo & Company by 5.9% in the first quarter. Pallas Capital Advisors LLC now owns 41,943 shares of the financial services provider’s stock worth $3,011,000 after purchasing an additional 2,349 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $81.09 on Wednesday. The firm has a market capitalization of $259.75 billion, a P/E ratio of 13.88, a PEG ratio of 1.24 and a beta of 1.25. Wells Fargo & Company has a 1 year low of $57.07 and a 1 year high of $86.65. The business has a 50-day moving average of $80.69 and a 200-day moving average of $76.42. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter in the previous year, the business posted $1.33 EPS. Wells Fargo & Company’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 30.82%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on WFC. Morgan Stanley lowered Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $87.00 to $90.00 in a research report on Monday, September 29th. The Goldman Sachs Group lowered their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday. Evercore ISI boosted their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Finally, UBS Group decreased their target price on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday. Eight analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and an average price target of $85.41.

Wells Fargo & 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.