LJI Wealth Management LLC Has $1.45 Million Position in Wells Fargo & Company (NYSE:WFC)

LJI Wealth Management LLC cut its stake in Wells Fargo & Company (NYSE:WFC) by 2.8% in the second quarter, HoldingsChannel.com reports. The fund owned 24,465 shares of the financial services provider’s stock after selling 694 shares during the period. LJI Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,453,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Slagle Financial LLC raised its holdings in Wells Fargo & Company by 97.3% in the fourth quarter. Slagle Financial LLC now owns 138,594 shares of the financial services provider’s stock worth $6,822,000 after purchasing an additional 68,356 shares during the period. Ballentine Partners LLC raised its stake in Wells Fargo & Company by 5.4% during the 1st quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock worth $2,074,000 after buying an additional 1,835 shares during the period. Wedmont Private Capital lifted its holdings in Wells Fargo & Company by 16.4% during the first quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock worth $8,805,000 after acquiring an additional 21,496 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Wells Fargo & Company by 28.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock valued at $27,441,000 after acquiring an additional 106,260 shares during the period. Finally, Evoke Wealth LLC increased its holdings in shares of Wells Fargo & Company by 34.3% in the fourth quarter. Evoke Wealth LLC now owns 7,224 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 1,846 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of research analyst reports. BMO Capital Markets raised their price target 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. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Tuesday, September 3rd. The Goldman Sachs Group reduced their price target on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Keefe, Bruyette & Woods dropped their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Finally, Morgan Stanley upped their target price on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Twelve equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $60.29.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $54.26 on Thursday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a 50 day moving average price of $56.28 and a 200 day moving average price of $57.89. The stock has a market capitalization of $189.17 billion, a PE ratio of 11.14, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate 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 company had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. During the same quarter in the prior year, the firm posted $1.25 EPS. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. Analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid 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 2.95%. This is a boost 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 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.