Wells Fargo & Company (NYSE:WFC) Shares Sold by DoubleLine ETF Adviser LP

DoubleLine ETF Adviser LP trimmed its stake in Wells Fargo & Company (NYSE:WFC) by 4.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 59,953 shares of the financial services provider’s stock after selling 2,706 shares during the quarter. Wells Fargo & Company comprises 0.9% of DoubleLine ETF Adviser LP’s portfolio, making the stock its 27th largest position. DoubleLine ETF Adviser LP’s holdings in Wells Fargo & Company were worth $3,561,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the stock. Drucker Wealth 3.0 LLC purchased a new stake in Wells Fargo & Company during the 2nd quarter worth approximately $5,214,000. AQR Capital Management LLC lifted its holdings in Wells Fargo & Company by 55.5% in the second quarter. AQR Capital Management LLC now owns 1,023,779 shares of the financial services provider’s stock worth $59,901,000 after acquiring an additional 365,600 shares during the last quarter. AlTi Global Inc. grew its stake in Wells Fargo & Company by 4.2% during the 2nd quarter. AlTi Global Inc. now owns 19,675 shares of the financial services provider’s stock worth $1,168,000 after buying an additional 799 shares during the last quarter. Alpha DNA Investment Management LLC increased its holdings in shares of Wells Fargo & Company by 101.6% in the 2nd quarter. Alpha DNA Investment Management LLC now owns 85,157 shares of the financial services provider’s stock worth $5,058,000 after acquiring an additional 42,910 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $10,187,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on WFC. The Goldman Sachs Group cut their target price on 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. Evercore ISI cut their target price on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, September 6th. Morgan Stanley raised their price objective on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods dropped their price target on shares of 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. Finally, Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and lowered their price objective for the company from $62.00 to $59.00 in a report on Friday, August 16th. Twelve equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of “Hold” and a consensus target price of $60.29.

Wells Fargo & Company Trading Down 1.0 %

Shares of NYSE WFC opened at $53.61 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The company has a market cap of $186.90 billion, a PE ratio of 11.01, a P/E/G ratio of 1.32 and a beta of 1.16. The company has a 50-day moving average of $56.01 and a two-hundred day moving average of $57.86.

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, 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 company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $20.29 billion. During the same period in the previous year, the company earned $1.25 EPS. The company’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities analysts expect that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a dividend of $0.40 per share. The ex-dividend date was Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.98%. Wells Fargo & Company’s payout ratio is 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.