Wells Fargo & Company $WFC Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 11.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,312 shares of the financial services provider’s stock after selling 10,240 shares during the period. Summit Investment Advisors Inc.’s holdings in Wells Fargo & Company were worth $5,550,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of WFC. Fox Run Management L.L.C. purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter worth about $1,134,000. Marco Investment Management LLC increased its position in Wells Fargo & Company by 18.0% during the 2nd quarter. Marco Investment Management LLC now owns 35,334 shares of the financial services provider’s stock worth $2,831,000 after purchasing an additional 5,383 shares in the last quarter. Harvest Portfolios Group Inc. raised its holdings in Wells Fargo & Company by 3.2% in the second quarter. Harvest Portfolios Group Inc. now owns 342,655 shares of the financial services provider’s stock valued at $27,454,000 after buying an additional 10,722 shares during the period. Nvwm LLC boosted its position in Wells Fargo & Company by 21.7% during the 2nd quarter. Nvwm LLC now owns 48,495 shares of the financial services provider’s stock worth $3,885,000 after purchasing an additional 8,663 shares during the period. Finally, Walkner Condon Financial Advisors LLC grew its stake in shares of Wells Fargo & Company by 5.6% in the second quarter. Walkner Condon Financial Advisors LLC now owns 3,988 shares of the financial services provider’s stock valued at $319,000 after buying an additional 210 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

WFC has been the subject of several recent analyst reports. Weiss Ratings raised shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, October 8th. Citigroup upped their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, October 15th. 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. Finally, Morgan Stanley raised their target price on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a report on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $86.05 on Friday. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $88.50. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The firm has a market cap of $270.11 billion, a PE ratio of 14.15, a P/E/G ratio of 1.18 and a beta of 1.22. The company’s fifty day simple moving average is $83.25 and its 200-day simple moving average is $79.27.

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

Wells Fargo & Company Dividend Announcement

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

Wells Fargo & 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.