Sound Shore Management Inc CT Has $86.46 Million Holdings in Wells Fargo & Company $WFC

Sound Shore Management Inc CT lessened its stake in Wells Fargo & Company (NYSE:WFC) by 13.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,079,136 shares of the financial services provider’s stock after selling 169,250 shares during the quarter. Wells Fargo & Company accounts for about 2.9% of Sound Shore Management Inc CT’s investment portfolio, making the stock its 14th biggest holding. Sound Shore Management Inc CT’s holdings in Wells Fargo & Company were worth $86,460,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in WFC. Access Investment Management LLC acquired a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $25,000. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after buying an additional 322 shares during the period. McElhenny Sheffield Capital Management LLC acquired a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $27,000. Motco boosted its holdings in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after buying an additional 326 shares during the period. Finally, Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company in the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $86.96 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The firm’s fifty day moving average price is $83.09 and its two-hundred day moving average price is $79.06. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $88.50. The firm has a market capitalization of $278.57 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. During the same period in the prior year, the firm posted $1.42 earnings per share. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is 29.61%.

Wall Street Analyst Weigh In

WFC has been the subject of several research analyst reports. Barclays upped their price target on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Dbs Bank raised shares of Wells Fargo & Company to a “moderate buy” rating in a research report on Tuesday, October 21st. 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. Cfra Research raised shares of Wells Fargo & Company to a “moderate buy” rating in a research report on Wednesday, October 15th. Finally, 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. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $89.57.

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.