Skyline Advisors Inc. Lowers Position in Wells Fargo & Company (NYSE:WFC)

Skyline Advisors Inc. decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 4.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 4,132 shares of the financial services provider’s stock after selling 199 shares during the period. Skyline Advisors Inc.’s holdings in Wells Fargo & Company were worth $240,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of WFC. Teza Capital Management LLC purchased a new stake in Wells Fargo & Company during the third quarter valued at approximately $1,676,000. Sherbrooke Park Advisers LLC purchased a new stake in shares of Wells Fargo & Company during the 3rd quarter valued at $403,000. Rehmann Capital Advisory Group boosted its position in shares of Wells Fargo & Company by 4.5% in the 3rd quarter. Rehmann Capital Advisory Group now owns 29,179 shares of the financial services provider’s stock worth $1,192,000 after purchasing an additional 1,248 shares in the last quarter. Waverly Advisors LLC grew its stake in Wells Fargo & Company by 1.8% during the 3rd quarter. Waverly Advisors LLC now owns 16,071 shares of the financial services provider’s stock worth $657,000 after buying an additional 291 shares during the last quarter. Finally, United Services Automobile Association increased its position in Wells Fargo & Company by 13.7% during the 3rd quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock valued at $4,000,000 after buying an additional 11,825 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup restated a “neutral” rating and set a $63.00 price target (up previously from $57.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 20th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $62.00 price objective (up from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Evercore ISI raised their target price on shares of Wells Fargo & Company from $69.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, June 25th. StockNews.com raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Finally, JPMorgan Chase & Co. lifted their price target on Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Fourteen investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $59.15.

Wells Fargo & Company Price Performance

Shares of NYSE WFC traded up $0.36 during mid-day trading on Monday, reaching $59.75. The company’s stock had a trading volume of 3,245,794 shares, compared to its average volume of 18,445,119. The stock has a 50-day moving average of $59.55 and a two-hundred day moving average of $55.15. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market capitalization of $208.31 billion, a P/E ratio of 12.40, a P/E/G ratio of 1.46 and a beta of 1.17. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same period in the prior year, the business earned $1.23 EPS. The firm’s quarterly revenue was up .6% on a year-over-year basis. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.40 annualized dividend and a yield of 2.34%. Wells Fargo & Company’s payout ratio is 29.23%.

About Wells Fargo & Company

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.