Main Street Financial Solutions LLC Buys 2,301 Shares of Wells Fargo & Company (NYSE:WFC)

Main Street Financial Solutions LLC lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 32.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,364 shares of the financial services provider’s stock after purchasing an additional 2,301 shares during the period. Main Street Financial Solutions LLC’s holdings in Wells Fargo & Company were worth $556,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in WFC. Norges Bank bought a new position in Wells Fargo & Company in the fourth quarter worth approximately $2,623,044,000. 1832 Asset Management L.P. boosted its holdings in Wells Fargo & Company by 67.1% in the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after acquiring an additional 2,349,595 shares in the last quarter. Morningstar Investment Services LLC boosted its holdings in Wells Fargo & Company by 103.7% in the fourth quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock worth $189,684,000 after acquiring an additional 1,951,477 shares in the last quarter. Rokos Capital Management LLP boosted its holdings in Wells Fargo & Company by 141.6% in the first quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock worth $151,853,000 after acquiring an additional 1,536,152 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. bought a new position in Wells Fargo & Company in the first quarter worth approximately $84,819,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $52.78 on Friday. 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 fifty day moving average of $56.60 and a 200 day moving average of $57.89. Wells Fargo & Company has a 52-week low of $38.38 and a 52-week high of $62.55. The firm has a market capitalization of $179.65 billion, a price-to-earnings ratio of 10.84, a P/E/G ratio of 1.27 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results 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 return on equity of 12.30% and a net margin of 15.17%. The firm had revenue of $20.69 billion during the quarter, compared to analyst estimates of $20.29 billion. During the same quarter in the previous year, the company posted $1.25 earnings per share. The company’s revenue was up .8% compared to the same quarter last year. On average, research analysts expect that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, August 9th. This represents a $1.60 annualized dividend and a yield of 3.03%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is 32.85%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on WFC shares. Morgan Stanley increased their price target on 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 lowered their price objective on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, September 6th. The Goldman Sachs Group lowered their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and lowered their price objective for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Finally, Keefe, Bruyette & Woods lowered 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 note on Monday, July 15th. Twelve investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company has an average rating of “Hold” and an average price target 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.