Naviter Wealth LLC Has $2.88 Million Stake in Wells Fargo & Company $WFC

Naviter Wealth LLC boosted its position in Wells Fargo & Company (NYSE:WFC) by 0.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 35,903 shares of the financial services provider’s stock after purchasing an additional 307 shares during the period. Naviter Wealth LLC’s holdings in Wells Fargo & Company were worth $2,877,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. McElhenny Sheffield Capital Management LLC acquired a new position in Wells Fargo & Company in the second quarter valued at $27,000. CBIZ Investment Advisory Services LLC raised its holdings in shares of Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the period. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the first quarter valued at about $29,000. Motco raised its holdings in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares during the period. Finally, Nova Wealth Management Inc. raised its holdings in shares of Wells Fargo & Company by 112.9% during the second quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 227 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 1.7%

WFC opened at $78.92 on Tuesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $86.65. The firm has a market capitalization of $252.80 billion, a PE ratio of 13.51, a P/E/G ratio of 1.25 and a beta of 1.25. The company’s 50-day moving average is $80.66 and its 200 day moving average is $76.61.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results 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 net margin of 16.82% and a return on equity of 12.29%. The company 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 business posted $1.33 EPS. The firm’s revenue was up .6% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is currently 30.82%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on WFC shares. UBS Group dropped their price objective on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, October 7th. Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Citigroup upped their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Evercore ISI upped their price objective on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Finally, 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 report on Wednesday, July 16th. Nine analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $85.41.

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.