Pallas Capital Advisors LLC Sells 1,861 Shares of Wells Fargo & Company (NYSE:WFC)

Pallas Capital Advisors LLC reduced its stake in Wells Fargo & Company (NYSE:WFC) by 4.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,917 shares of the financial services provider’s stock after selling 1,861 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Wells Fargo & Company were worth $2,246,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WFC. Core Wealth Advisors Inc. bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth $25,000. Tennessee Valley Asset Management Partners acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $29,000. Wetzel Investment Advisors Inc. bought a new stake in Wells Fargo & Company during the fourth quarter worth about $32,000. Transcendent Capital Group LLC bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $32,000. Finally, Bfsg LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $34,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Down 0.2 %

Shares of Wells Fargo & Company stock traded down $0.14 on Tuesday, hitting $56.31. The company had a trading volume of 6,303,742 shares, compared to its average volume of 18,018,555. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market capitalization of $196.31 billion, a price-to-earnings ratio of 11.56, a P/E/G ratio of 1.40 and a beta of 1.17. The stock has a 50 day moving average of $57.65 and a 200-day moving average of $57.27.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.04. The company had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.25 EPS. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be given a dividend of $0.40 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.84%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 32.85%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Evercore ISI reissued an “outperform” rating and issued a $67.00 target price (down from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. JPMorgan Chase & Co. raised their target price on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Morgan Stanley boosted their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research report on Monday, July 15th. Finally, BMO Capital Markets boosted their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Thirteen investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and an average target price of $59.63.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.