Estabrook Capital Management Sells 355 Shares of Wells Fargo & Company (NYSE:WFC)

Estabrook Capital Management lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 135,433 shares of the financial services provider’s stock after selling 355 shares during the quarter. Wells Fargo & Company makes up approximately 1.1% of Estabrook Capital Management’s portfolio, making the stock its 26th largest holding. Estabrook Capital Management’s holdings in Wells Fargo & Company were worth $6,666,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. WealthPlan Investment Management LLC raised its position in shares of Wells Fargo & Company by 2,174.3% in the third quarter. WealthPlan Investment Management LLC now owns 21,287 shares of the financial services provider’s stock valued at $870,000 after purchasing an additional 20,351 shares during the period. Kingsview Wealth Management LLC raised its position in shares of Wells Fargo & Company by 24.4% in the third quarter. Kingsview Wealth Management LLC now owns 74,080 shares of the financial services provider’s stock valued at $3,027,000 after purchasing an additional 14,507 shares during the period. Summit Financial LLC raised its position in shares of Wells Fargo & Company by 71.6% in the third quarter. Summit Financial LLC now owns 10,940 shares of the financial services provider’s stock valued at $447,000 after purchasing an additional 4,566 shares during the period. Kestra Private Wealth Services LLC raised its position in shares of Wells Fargo & Company by 9.3% in the third quarter. Kestra Private Wealth Services LLC now owns 85,927 shares of the financial services provider’s stock valued at $3,511,000 after purchasing an additional 7,334 shares during the period. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company in the third quarter valued at approximately $54,894,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 1.6 %

Shares of WFC stock traded down $0.97 on Monday, reaching $58.95. The company had a trading volume of 7,299,830 shares, compared to its average volume of 18,222,645. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. The stock has a market cap of $205.52 billion, a PE ratio of 12.25, a PEG ratio of 1.58 and a beta of 1.17. The company has a 50-day moving average of $59.24 and a 200-day moving average of $53.19. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. The company had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. Wells Fargo & Company’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.23 EPS. On average, equities analysts forecast that Wells Fargo & Company will post 5.08 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were paid a $0.35 dividend. The ex-dividend date was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.37%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Compass Point reaffirmed a “neutral” rating and set a $64.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, April 9th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Argus lifted their price target on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Jefferies Financial Group lifted their price target on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Finally, Citigroup reiterated a “neutral” rating and set a $63.00 price target (up previously from $57.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 20th. Fourteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given 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 target price of $58.99.

About Wells Fargo & Company

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.