Drive Wealth Management LLC Cuts Stock Position in Wells Fargo & Company $WFC

Drive Wealth Management LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,516 shares of the financial services provider’s stock after selling 125 shares during the quarter. Drive Wealth Management LLC’s holdings in Wells Fargo & Company were worth $2,044,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Accretive Wealth Partners LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Wells Fargo & Company by 10.4% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock worth $54,471,000 after buying an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth $408,000. RKL Wealth Management LLC grew its holdings in shares of Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock worth $588,000 after buying an additional 5,113 shares in the last quarter. Finally, Three Bridge Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter worth $364,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on WFC. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Raymond James Financial cut shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. Weiss Ratings raised shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods boosted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, October 15th. Finally, Evercore ISI boosted their price target on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Ten analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

Wells Fargo & Company Trading Down 0.9%

NYSE WFC opened at $83.25 on Monday. The firm’s 50-day moving average is $81.21 and its two-hundred day moving average is $77.01. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $87.47. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $266.70 billion, a P/E ratio of 13.69, a PEG ratio of 1.15 and a beta of 1.25.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is currently 29.61%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.