HighTower Advisors LLC Sells 590,915 Shares of Wells Fargo & Company $WFC

HighTower Advisors LLC cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 18.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 2,642,793 shares of the financial services provider’s stock after selling 590,915 shares during the quarter. HighTower Advisors LLC’s holdings in Wells Fargo & Company were worth $218,400,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in WFC. Godfrey Financial Associates Inc. bought a new stake in Wells Fargo & Company in the fourth quarter worth $25,000. Miller Capital Partners Inc. purchased a new stake in Wells Fargo & Company during the fourth quarter valued at about $25,000. Navalign LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $26,000. Phillip James Consulting Co. purchased a new position in shares of Wells Fargo & Company in the first quarter worth about $28,000. Finally, Core Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth about $29,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Down 0.1%

WFC opened at $89.90 on Monday. The business has a 50 day simple moving average of $86.69 and a two-hundred day simple moving average of $82.63. The firm has a market capitalization of $271.86 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 0.98 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $1.60 EPS. Analysts predict that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 2.2%. Wells Fargo & Company’s payout ratio is 29.07%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on WFC shares. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. JPMorgan Chase & Co. raised their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Bank of America lifted their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods lowered their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research report on Wednesday, July 15th. Finally, Robert W. Baird increased their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.