Carnegie Investment Counsel Has $1.98 Million Position in Wells Fargo & Company $WFC

Carnegie Investment Counsel reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 14.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 24,689 shares of the financial services provider’s stock after selling 4,255 shares during the quarter. Carnegie Investment Counsel’s holdings in Wells Fargo & Company were worth $1,978,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Accretive Wealth Partners LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter worth approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. raised its position in Wells Fargo & Company by 10.4% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after acquiring an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC bought a new position in Wells Fargo & Company during the first quarter valued at approximately $408,000. RKL Wealth Management LLC raised its position in Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 5,113 shares in the last quarter. Finally, Three Bridge Wealth Advisors LLC bought a new position in Wells Fargo & Company during the second quarter valued at approximately $364,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 2.2%

WFC opened at $86.35 on Friday. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $87.47. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The firm’s fifty day moving average price is $81.89 and its two-hundred day moving average price is $77.72. The company has a market capitalization of $276.61 billion, a P/E ratio of 14.20, a P/E/G ratio of 1.19 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm had revenue of $21.44 billion for the quarter, compared to the consensus estimate of $21.11 billion. During the same quarter in the previous year, the company earned $1.42 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. On average, analysts anticipate 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. Stockholders of record on Friday, August 8th were paid a $0.45 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio is presently 29.61%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on WFC shares. Bank of America lifted their price target on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Evercore ISI lifted their price target on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

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.