Zions Bancorporation N.A. Cuts Stake in Wells Fargo & Company (NYSE:WFC)

Zions Bancorporation N.A. lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 31.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,666 shares of the financial services provider’s stock after selling 3,068 shares during the quarter. Zions Bancorporation N.A.’s holdings in Wells Fargo & Company were worth $396,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Core Wealth Advisors Inc. acquired a new stake in Wells Fargo & Company in the 4th quarter valued at about $25,000. Valued Wealth Advisors LLC increased its holdings in shares of Wells Fargo & Company by 53.7% in the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 220 shares during the last quarter. Transcendent Capital Group LLC purchased a new position in Wells Fargo & Company during the fourth quarter worth approximately $32,000. Atlantic Edge Private Wealth Management LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth $34,000. Finally, Beaird Harris Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at $34,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on WFC. Morgan Stanley lifted their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. The Goldman Sachs Group decreased their target price on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday. Keefe, Bruyette & Woods cut their price target on shares of 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. BMO Capital Markets upped their price objective 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. Finally, Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and cut their target price for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Twelve 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $60.29.

Wells Fargo & Company Trading Up 2.3 %

Shares of WFC stock opened at $52.78 on Friday. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55. The company has a 50 day moving average price of $56.60 and a 200 day moving average price of $57.91. The stock has a market capitalization of $179.65 billion, a P/E ratio of 10.84, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS 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 the consensus estimate of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 3.03%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 32.85%.

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.