Meyer Handelman Co. Has $14.37 Million Position in Wells Fargo & Company (NYSE:WFC)

Meyer Handelman Co. lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 0.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 254,304 shares of the financial services provider’s stock after selling 1,500 shares during the period. Meyer Handelman Co.’s holdings in Wells Fargo & Company were worth $14,366,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. John W. Brooker & Co. CPAs increased its holdings in shares of Wells Fargo & Company by 2.5% in the second quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider’s stock worth $420,000 after acquiring an additional 171 shares in the last quarter. McAdam LLC grew its position in shares of Wells Fargo & Company by 3.3% in the 2nd quarter. McAdam LLC now owns 5,609 shares of the financial services provider’s stock valued at $333,000 after purchasing an additional 178 shares during the period. Eclectic Associates Inc. ADV increased its stake in Wells Fargo & Company by 1.2% during the 3rd quarter. Eclectic Associates Inc. ADV now owns 15,452 shares of the financial services provider’s stock worth $873,000 after purchasing an additional 178 shares in the last quarter. Prentice Wealth Management LLC raised its holdings in Wells Fargo & Company by 2.0% during the 2nd quarter. Prentice Wealth Management LLC now owns 9,426 shares of the financial services provider’s stock worth $560,000 after buying an additional 184 shares during the period. Finally, Clearstead Trust LLC lifted its stake in Wells Fargo & Company by 13.0% in the first quarter. Clearstead Trust LLC now owns 1,617 shares of the financial services provider’s stock valued at $94,000 after buying an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on WFC. Morgan Stanley dropped their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and reduced their price objective for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods reduced their price target 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. Finally, The Goldman Sachs Group lowered their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Twelve investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and a consensus target price of $60.65.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $60.99 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. The company has a market capitalization of $212.63 billion, a P/E ratio of 12.52, a P/E/G ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $38.58 and a 12 month high of $62.55. The stock has a 50 day moving average of $55.39 and a 200-day moving average of $57.78.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.25. The firm had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.39 earnings per share. As a group, equities research analysts predict that Wells Fargo & Company will post 5.12 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a $0.40 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

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.