Fortis Group Advisors LLC Sells 4,269 Shares of Wells Fargo & Company (NYSE:WFC)

Fortis Group Advisors LLC reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 87.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 620 shares of the financial services provider’s stock after selling 4,269 shares during the quarter. Fortis Group Advisors LLC’s holdings in Wells Fargo & Company were worth $37,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. WP Advisors LLC boosted its stake in Wells Fargo & Company by 1.7% during the 2nd quarter. WP Advisors LLC now owns 18,302 shares of the financial services provider’s stock valued at $1,087,000 after purchasing an additional 307 shares during the period. Americana Partners LLC boosted its position in shares of Wells Fargo & Company by 3.6% in the second quarter. Americana Partners LLC now owns 8,287 shares of the financial services provider’s stock valued at $492,000 after acquiring an additional 286 shares during the period. Jaffetilchin Investment Partners LLC boosted its position in shares of Wells Fargo & Company by 1.2% in the second quarter. Jaffetilchin Investment Partners LLC now owns 22,258 shares of the financial services provider’s stock valued at $1,322,000 after acquiring an additional 262 shares during the period. Integrity Financial Corp WA acquired a new stake in shares of Wells Fargo & Company in the second quarter worth $445,000. Finally, Foster Group Inc. increased its position in Wells Fargo & Company by 7.3% during the second quarter. Foster Group Inc. now owns 51,523 shares of the financial services provider’s stock worth $3,060,000 after acquiring an additional 3,494 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

WFC has been the topic of several research analyst reports. Keefe, Bruyette & Woods decreased their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research report on Monday, July 15th. Morgan Stanley boosted their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. BMO Capital Markets raised their price objective on 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. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and lowered their price objective for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Finally, Evercore ISI restated an “outperform” rating and issued a $67.00 target price (down from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. Thirteen analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $59.63.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $58.47 on Friday. The firm has a market cap of $199.02 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.43 and a beta of 1.17. The company’s 50-day moving average price is $57.40 and its two-hundred day moving average price is $57.65. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS 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 business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. During the same period in the prior year, the company earned $1.25 EPS. Wells Fargo & Company’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities analysts anticipate that Wells Fargo & Company will post 5.15 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be paid a $0.40 dividend. The ex-dividend date is Friday, August 9th. This is a positive change 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 2.74%. Wells Fargo & Company’s dividend payout ratio (DPR) is 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.