Perennial Investment Advisors LLC Has $556,000 Stock Position in Wells Fargo & Company (NYSE:WFC)

Perennial Investment Advisors LLC trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC) by 16.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,370 shares of the financial services provider’s stock after selling 1,843 shares during the quarter. Perennial Investment Advisors LLC’s holdings in Wells Fargo & Company were worth $556,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Plancorp LLC boosted its holdings in Wells Fargo & Company by 1.8% during the second quarter. Plancorp LLC now owns 13,514 shares of the financial services provider’s stock valued at $803,000 after purchasing an additional 240 shares in the last quarter. Old West Investment Management LLC acquired a new position in shares of Wells Fargo & Company in the 2nd quarter worth approximately $477,000. Edgestream Partners L.P. acquired a new position in shares of Wells Fargo & Company in the 2nd quarter worth approximately $272,000. Renaissance Technologies LLC boosted its holdings in shares of Wells Fargo & Company by 23.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,233,911 shares of the financial services provider’s stock worth $73,282,000 after acquiring an additional 237,400 shares in the last quarter. Finally, Citizens Financial Group Inc. RI boosted its holdings in shares of Wells Fargo & Company by 712.9% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 160,380 shares of the financial services provider’s stock worth $9,525,000 after acquiring an additional 140,650 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

WFC stock opened at $54.54 on Wednesday. The business’s fifty day moving average is $56.39 and its 200-day moving average is $57.92. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The company has a market cap of $190.14 billion, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $38.38 and a twelve month high of $62.55.

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, beating analysts’ consensus estimates 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 company had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. During the same quarter in the prior year, the business posted $1.25 EPS. The firm’s quarterly revenue was up .8% on a year-over-year basis. Equities research analysts forecast that Wells Fargo & Company will post 5.14 EPS 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. The ex-dividend date was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.93%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

Wall Street Analyst Weigh In

WFC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reduced their target price on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. The Goldman Sachs Group reduced their target price on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and reduced their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Evercore ISI reduced their target price 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, Morgan Stanley upped their price objective on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Twelve equities research 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 stock. According to data from MarketBeat, Wells Fargo & Company presently 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.