Toronto Dominion Bank Cuts Holdings in Wells Fargo & Company (NYSE:WFC)

Toronto Dominion Bank cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 9.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,596,271 shares of the financial services provider’s stock after selling 269,812 shares during the quarter. Toronto Dominion Bank owned about 0.07% of Wells Fargo & Company worth $154,193,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of WFC. 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 valued at $6,822,000 after buying an additional 68,356 shares during the period. Ballentine Partners LLC raised its stake in shares of Wells Fargo & Company by 5.4% in the 1st quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock valued at $2,074,000 after acquiring an additional 1,835 shares during the period. Wedmont Private Capital raised its position in Wells Fargo & Company by 16.4% in the first quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock valued at $8,805,000 after purchasing an additional 21,496 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Wells Fargo & Company by 28.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock valued at $27,441,000 after buying an additional 106,260 shares during the period. Finally, Evoke Wealth LLC boosted its holdings in Wells Fargo & Company by 34.3% in the 4th 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 during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $54.18 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The firm’s 50-day moving average price is $56.01 and its two-hundred day moving average price is $57.86. Wells Fargo & Company has a 52-week low of $38.38 and a 52-week high of $62.55. The stock has a market capitalization of $184.42 billion, a P/E ratio of 11.13, a P/E/G ratio of 1.32 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping 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 business had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. During the same quarter last year, the business posted $1.25 EPS. The business’s revenue was up .8% on a year-over-year basis. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a $0.40 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 annualized dividend and a yield of 2.95%. Wells Fargo & Company’s dividend payout ratio is 32.85%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on WFC shares. BMO Capital Markets boosted their target price on shares of 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. The Goldman Sachs Group decreased their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and cut their price target for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Keefe, Bruyette & Woods dropped 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. Finally, Evercore ISI reduced their target price on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, September 6th. Twelve analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $60.29.

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.