Resonant Capital Advisors LLC Has $479,000 Position in Wells Fargo & Company (NYSE:WFC)

Resonant Capital Advisors LLC boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 26.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 8,060 shares of the financial services provider’s stock after acquiring an additional 1,669 shares during the period. Resonant Capital Advisors LLC’s holdings in Wells Fargo & Company were worth $479,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in WFC. Financial Counselors Inc. raised its position in shares of Wells Fargo & Company by 22.6% in the 2nd quarter. Financial Counselors Inc. now owns 18,637 shares of the financial services provider’s stock valued at $1,107,000 after acquiring an additional 3,441 shares during the period. Natixis Advisors LLC increased its position in shares of Wells Fargo & Company by 7.7% in the 2nd quarter. Natixis Advisors LLC now owns 2,865,576 shares of the financial services provider’s stock valued at $170,187,000 after buying an additional 204,741 shares in the last quarter. Equitable Trust Co. raised its stake in Wells Fargo & Company by 12.1% during the 2nd quarter. Equitable Trust Co. now owns 20,035 shares of the financial services provider’s stock worth $1,190,000 after buying an additional 2,160 shares during the period. Valmark Advisers Inc. raised its stake in Wells Fargo & Company by 18.2% during the 2nd quarter. Valmark Advisers Inc. now owns 8,564 shares of the financial services provider’s stock worth $509,000 after buying an additional 1,321 shares during the period. Finally, Capital Management Associates Inc bought a new position in Wells Fargo & Company during the second quarter worth about $245,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 2.0 %

Shares of WFC stock opened at $58.47 on Tuesday. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The company has a market capitalization of $203.84 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.43 and a beta of 1.17. The firm has a 50 day moving average price of $57.39 and a two-hundred day moving average price of $57.83. 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 (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 the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $1.25 EPS. As a group, analysts predict that Wells Fargo & Company will post 5.15 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

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

Analysts Set New Price Targets

Several brokerages have issued reports on WFC. Keefe, Bruyette & Woods lowered 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. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and lowered their target price for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Evercore ISI reiterated an “outperform” rating and issued a $67.00 price target (down previously from $70.00) on shares of Wells Fargo & Company in a report on Monday, July 15th. Finally, BMO Capital Markets raised their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Thirteen research 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 stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $59.63.

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.