SBI Securities Co. Ltd. Cuts Stock Position in Wells Fargo & Company $WFC

SBI Securities Co. Ltd. cut its stake in Wells Fargo & Company (NYSE:WFC) by 4.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,559 shares of the financial services provider’s stock after selling 1,596 shares during the period. SBI Securities Co. Ltd.’s holdings in Wells Fargo & Company were worth $2,929,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Access Investment Management LLC purchased a new position in Wells Fargo & Company in the second quarter valued at $25,000. CBIZ Investment Advisory Services LLC increased its holdings in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares during the last quarter. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth about $27,000. Motco lifted its stake in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 326 shares during the last quarter. Finally, Accent Capital Management LLC acquired a new position in Wells Fargo & Company in the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $86.21 on Thursday. 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 has a market cap of $270.60 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22. The firm’s fifty day moving average price is $83.53 and its 200 day moving average price is $79.72. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $88.64.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping the consensus estimate of $1.55 by $0.11. The company had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the business earned $1.42 EPS. On average, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, November 7th. Wells Fargo & Company’s payout ratio is presently 29.61%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WFC. UBS Group reduced their price objective on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Bank of America boosted 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. Keefe, Bruyette & Woods raised their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, October 15th. Barclays upped their target price on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Finally, Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $89.57.

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.