Studio Investment Management LLC Increases Stake in Wells Fargo & Company (NYSE:WFC)

Studio Investment Management LLC raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 3.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,660 shares of the financial services provider’s stock after acquiring an additional 575 shares during the quarter. Studio Investment Management LLC’s holdings in Wells Fargo & Company were worth $989,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Core Wealth Advisors Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $25,000. Transcendent Capital Group LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $32,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 4th quarter worth $34,000. Beaird Harris Wealth Management LLC bought a new stake in Wells Fargo & Company during the fourth quarter valued at about $34,000. Finally, Valued Wealth Advisors LLC raised its holdings in Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 220 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 1.2 %

Wells Fargo & Company stock opened at $53.95 on Wednesday. The company has a market capitalization of $188.09 billion, a P/E ratio of 11.08, a PEG ratio of 1.27 and a beta of 1.16. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55. The stock has a 50-day simple moving average of $57.05 and a 200-day simple moving average of $57.97.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. During the same period last year, the firm posted $1.25 EPS. Wells Fargo & Company’s revenue for the quarter was up .8% on a year-over-year basis. Equities research analysts expect that Wells Fargo & Company will post 5.15 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.97%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Analyst Ratings Changes

A number of research analysts recently commented on WFC shares. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Tuesday, September 3rd. Morgan Stanley raised their target price on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. BMO Capital Markets lifted their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods dropped their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research note on Monday, July 15th. Finally, Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and decreased their price objective for the company from $62.00 to $59.00 in a report on Friday, August 16th. Twelve analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $60.29.

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.