Summit Financial LLC Purchases 13,970 Shares of Wells Fargo & Company (NYSE:WFC)

Summit Financial LLC increased its position in Wells Fargo & Company (NYSE:WFC) by 158.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,764 shares of the financial services provider’s stock after acquiring an additional 13,970 shares during the period. Summit Financial LLC’s holdings in Wells Fargo & Company were worth $1,352,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth $2,623,044,000. Capital World Investors grew its holdings in Wells Fargo & Company by 1.0% during the fourth quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock valued at $1,295,459,000 after purchasing an additional 263,176 shares during the period. Sanders Capital LLC grew its holdings in Wells Fargo & Company by 3.2% during the fourth quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock valued at $1,241,231,000 after purchasing an additional 781,772 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Wells Fargo & Company by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,237,905 shares of the financial services provider’s stock valued at $1,143,770,000 after purchasing an additional 526,178 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Wells Fargo & Company by 3.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 18,941,772 shares of the financial services provider’s stock valued at $932,352,000 after purchasing an additional 596,521 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $58.47 on Monday. 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 company has a market capitalization of $203.84 billion, a P/E ratio of 12.01, a P/E/G ratio of 1.43 and a beta of 1.17. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55. The business’s 50-day moving average is $57.40 and its 200 day moving average is $57.78.

Wells Fargo & Company (NYSE:WFC) last posted its 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. The company had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 5.15 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a dividend of $0.40 per share. The ex-dividend date was Friday, August 9th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 2.74%. Wells Fargo & Company’s dividend payout ratio is 32.85%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Keefe, Bruyette & Woods cut their price target on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a 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 report on Tuesday, July 30th. BMO Capital Markets boosted their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and cut their price target for the company from $62.00 to $59.00 in a report on Friday, August 16th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $67.00 price objective (down previously from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. Thirteen equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $59.63.

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.