Intech Investment Management LLC Sells 22,580 Shares of Wells Fargo & Company (NYSE:WFC)

Intech Investment Management LLC lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 18.2% during the 2nd quarter, Holdings Channel reports. The firm owned 101,487 shares of the financial services provider’s stock after selling 22,580 shares during the period. Intech Investment Management LLC’s holdings in Wells Fargo & Company were worth $6,027,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Core Wealth Advisors Inc. bought a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $25,000. Valued Wealth Advisors LLC raised its stake in Wells Fargo & Company by 53.7% during the 2nd 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 period. Transcendent Capital Group LLC bought a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $32,000. Beaird Harris Wealth Management LLC bought a new stake in Wells Fargo & Company in the 4th quarter worth approximately $34,000. Finally, J.Safra Asset Management Corp raised its holdings in shares of Wells Fargo & Company by 704.3% during the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 648 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $56.29 on Friday. The stock’s fifty day moving average is $56.19 and its two-hundred day moving average is $57.89. The company has a market capitalization of $196.24 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. 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 has a 52 week low of $38.38 and a 52 week high of $62.55.

Wells Fargo & Company (NYSE:WFC) last announced 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. 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%. Wells Fargo & Company’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.25 EPS. As a group, analysts expect that Wells Fargo & Company will post 5.14 earnings per share for the current 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 given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.84%. The ex-dividend date was Friday, August 9th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio is 32.85%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. BMO Capital Markets upped their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. 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. Morgan Stanley upped their price objective on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Tuesday, September 3rd. Finally, Keefe, Bruyette & Woods decreased their price objective on 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. Twelve analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company has an average rating of “Hold” and a consensus price target of $60.29.

About Wells Fargo & Company

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.