Wells Fargo & Company (NYSE:WFC) Shares Bought by Spectrum Wealth Counsel LLC

Spectrum Wealth Counsel LLC grew its holdings in Wells Fargo & Company (NYSE:WFC) by 7.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,566 shares of the financial services provider’s stock after acquiring an additional 681 shares during the quarter. Spectrum Wealth Counsel LLC’s holdings in Wells Fargo & Company were worth $568,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of WFC. Element Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $10,363,000. Williams Financial LLC acquired a new position in Wells Fargo & Company during the 2nd quarter valued at approximately $829,000. J.W. Cole Advisors Inc. raised its holdings in shares of Wells Fargo & Company by 5.1% in the second quarter. J.W. Cole Advisors Inc. now owns 31,705 shares of the financial services provider’s stock worth $1,883,000 after buying an additional 1,551 shares during the last quarter. Prosperity Consulting Group LLC lifted its stake in shares of Wells Fargo & Company by 7.5% during the second quarter. Prosperity Consulting Group LLC now owns 4,993 shares of the financial services provider’s stock worth $297,000 after buying an additional 349 shares during the period. Finally, Wrapmanager Inc. grew its holdings in shares of Wells Fargo & Company by 4.7% during the second quarter. Wrapmanager Inc. now owns 33,076 shares of the financial services provider’s stock valued at $1,964,000 after buying an additional 1,497 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on WFC shares. Keefe, Bruyette & Woods reduced their target price 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. 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 research note on Tuesday, September 3rd. 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 research report on Friday, September 6th. BMO Capital Markets raised their price target 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, Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Twelve investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and an average price target of $60.29.

Wells Fargo & Company Trading Up 2.3 %

Shares of Wells Fargo & Company stock opened at $52.78 on Friday. The firm has a 50-day simple moving average of $56.60 and a two-hundred day simple moving average of $57.91. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55. The company has a market cap of $179.65 billion, a P/E ratio of 10.84, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $20.29 billion. During the same quarter in the prior year, the firm posted $1.25 EPS. Wells Fargo & Company’s quarterly revenue was up .8% compared to the same quarter last year. As a group, equities analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were paid a $0.40 dividend. The ex-dividend date was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 3.03%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 32.85%.

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.