Federated Hermes Inc. Sells 7,373 Shares of Wells Fargo & Company (NYSE:WFC)

Federated Hermes Inc. lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.1% during the second quarter, HoldingsChannel.com reports. The fund owned 677,069 shares of the financial services provider’s stock after selling 7,373 shares during the quarter. Federated Hermes Inc.’s holdings in Wells Fargo & Company were worth $40,211,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Core Wealth Advisors Inc. bought a new stake in Wells Fargo & Company during the fourth quarter valued at $25,000. Valued Wealth Advisors LLC boosted its position in Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 220 shares during the last quarter. Transcendent Capital Group LLC bought a new stake in Wells Fargo & Company during the fourth quarter valued at $32,000. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter worth about $34,000. Finally, Beaird Harris Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter worth about $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 2.3 %

Shares of NYSE:WFC opened at $52.78 on Friday. The firm has a fifty day moving average price of $56.60 and a two-hundred day moving average price of $57.91. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55. The company has a market cap of $179.65 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 1.27 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. During the same period last year, the firm earned $1.25 EPS. The business’s quarterly revenue was up .8% compared to the same quarter last year. Analysts anticipate that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a dividend of $0.40 per share. 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 3.03%. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on WFC shares. The Goldman Sachs Group cut 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 research report on Wednesday. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research report on Tuesday, September 3rd. Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. BMO Capital Markets increased their price objective 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. Finally, Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and dropped their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Twelve investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $60.29.

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.