Hazlett Burt & Watson Inc. Sells 539 Shares of Wells Fargo & Company $WFC

Hazlett Burt & Watson Inc. reduced its stake in Wells Fargo & Company (NYSE:WFC) by 13.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,495 shares of the financial services provider’s stock after selling 539 shares during the quarter. Hazlett Burt & Watson Inc.’s holdings in Wells Fargo & Company were worth $280,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. CBIZ Investment Advisory Services LLC lifted its position in Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after buying an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC bought a new stake in Wells Fargo & Company during the 2nd quarter worth about $27,000. Motco lifted its position in Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares in the last quarter. Accent Capital Management LLC bought a new stake in Wells Fargo & Company during the 1st quarter worth about $29,000. Finally, 1248 Management LLC bought a new stake in Wells Fargo & Company during the 1st quarter worth about $31,000. 75.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Citigroup upped their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. The Goldman Sachs Group reduced their price target on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Raymond James Financial downgraded Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. Finally, Phillip Securities downgraded Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $85.41.

Wells Fargo & Company Stock Up 1.7%

Wells Fargo & Company stock opened at $78.92 on Tuesday. The stock has a market cap of $252.80 billion, a P/E ratio of 13.51, a P/E/G ratio of 1.25 and a beta of 1.25. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $86.65. The company’s 50-day moving average price is $80.66 and its two-hundred day moving average price is $76.61.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 EPS. As a group, analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.3%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is currently 30.82%.

About Wells Fargo & Company

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.