Sound Shore Management Inc. CT Has $93.45 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Sound Shore Management Inc. CT lessened its position in Wells Fargo & Company (NYSE:WFC) by 26.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,573,565 shares of the financial services provider’s stock after selling 568,461 shares during the quarter. Wells Fargo & Company comprises about 3.1% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 8th biggest position. Sound Shore Management Inc. CT’s holdings in Wells Fargo & Company were worth $93,454,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pacer Advisors Inc. grew its holdings in Wells Fargo & Company by 0.9% in the 2nd quarter. Pacer Advisors Inc. now owns 248,325 shares of the financial services provider’s stock valued at $14,748,000 after buying an additional 2,255 shares during the last quarter. AE Wealth Management LLC grew its stake in shares of Wells Fargo & Company by 16.4% in the second quarter. AE Wealth Management LLC now owns 93,970 shares of the financial services provider’s stock worth $5,581,000 after acquiring an additional 13,241 shares during the last quarter. Sprucegrove Investment Management Ltd. grew its stake in shares of Wells Fargo & Company by 1.3% in the second quarter. Sprucegrove Investment Management Ltd. now owns 308,127 shares of the financial services provider’s stock worth $18,300,000 after acquiring an additional 4,000 shares during the last quarter. Bridges Investment Management Inc. increased its position in Wells Fargo & Company by 6,978.2% during the second quarter. Bridges Investment Management Inc. now owns 814,487 shares of the financial services provider’s stock worth $48,372,000 after acquiring an additional 802,980 shares during the period. Finally, Benjamin Edwards Inc. raised its stake in Wells Fargo & Company by 4.4% during the 2nd quarter. Benjamin Edwards Inc. now owns 13,677 shares of the financial services provider’s stock valued at $812,000 after purchasing an additional 572 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 0.8 %

WFC opened at $56.26 on Friday. The firm has a market cap of $196.14 billion, a price-to-earnings ratio of 11.55, a PEG 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. The firm’s 50-day simple moving average is $56.19 and its 200-day simple moving average is $57.88. Wells Fargo & Company has a twelve month low of $38.38 and a twelve month high of $62.55.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.04. The company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. Wells Fargo & Company’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 earnings per share. Equities research analysts anticipate that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed 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 was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.84%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 32.85%.

Analysts Set New Price Targets

Several analysts have issued reports on WFC shares. Evercore ISI decreased their price target on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a research report on Friday, September 6th. Keefe, Bruyette & Woods lowered their price target on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Tuesday, September 3rd. The Goldman Sachs Group decreased their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Finally, Morgan Stanley upped their target price 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. Twelve equities research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $60.29.

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.