Meeder Asset Management Inc. cut its holdings in shares of Wells Fargo & Company (NYSE:WFC – Free Report) by 89.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 921 shares of the financial services provider’s stock after selling 7,505 shares during the period. Meeder Asset Management Inc.’s holdings in Wells Fargo & Company were worth $55,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in WFC. Core Wealth Advisors Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter worth $25,000. Transcendent Capital Group LLC bought a new position in Wells Fargo & Company in the 4th quarter valued at about $32,000. Atlantic Edge Private Wealth Management LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $34,000. Beaird Harris Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $34,000. Finally, Valued Wealth Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 53.7% in 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 in the last quarter. 75.90% of the stock is owned by institutional investors.
Wells Fargo & Company Stock Performance
Shares of WFC stock opened at $52.78 on Friday. The company 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 has a 1-year low of $38.38 and a 1-year high of $62.55. 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 stock’s fifty day simple moving average is $56.60 and its 200-day simple moving average is $57.91.
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 given a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.03%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 32.85%.
Wall Street Analysts Forecast Growth
WFC has been the topic of several recent analyst reports. Evercore ISI dropped 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. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Tuesday, September 3rd. Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and lowered their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. BMO Capital Markets upped their price target on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research note on Monday, July 15th. Twelve analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and an average 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.
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