Wells Fargo & Company (NYSE:WFC) Stock Position Lifted by Biltmore Family Office LLC

Biltmore Family Office LLC lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 7.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,386 shares of the financial services provider’s stock after purchasing an additional 682 shares during the quarter. Biltmore Family Office LLC’s holdings in Wells Fargo & Company were worth $557,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new stake in Wells Fargo & Company in the fourth quarter worth approximately $2,623,044,000. Capital World Investors raised its stake in shares of Wells Fargo & Company by 1.0% in the 4th quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock worth $1,295,459,000 after buying an additional 263,176 shares in the last quarter. Sanders Capital LLC raised its stake in shares of Wells Fargo & Company by 3.2% in the 4th quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock worth $1,241,231,000 after buying an additional 781,772 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of Wells Fargo & Company by 0.4% in the fourth quarter. California State Teachers Retirement System now owns 5,905,934 shares of the financial services provider’s stock valued at $290,690,000 after buying an additional 25,896 shares during the period. Finally, 1832 Asset Management L.P. boosted its stake in Wells Fargo & Company by 67.1% during the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock valued at $339,226,000 after buying an additional 2,349,595 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Down 1.2 %

Shares of NYSE WFC opened at $53.95 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55. The business has a 50-day moving average price of $57.05 and a two-hundred day moving average price of $57.97. The firm has a market capitalization of $188.09 billion, a PE ratio of 11.08, a PEG ratio of 1.27 and a beta of 1.16.

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

Wells Fargo & Company Increases Dividend

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

Analysts Set New Price Targets

Several equities research analysts have commented on WFC shares. BMO Capital Markets boosted their price target on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Tuesday, September 3rd. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Evercore ISI dropped their price target on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, September 6th. Finally, 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. Twelve investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $60.29.

Wells Fargo & 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.