Moors & Cabot Inc. Sells 5,694 Shares of Wells Fargo & Company (NYSE:WFC)

Moors & Cabot Inc. decreased its stake in Wells Fargo & Company (NYSE:WFC) by 10.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,082 shares of the financial services provider’s stock after selling 5,694 shares during the quarter. Moors & Cabot Inc.’s holdings in Wells Fargo & Company were worth $3,034,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in shares of Wells Fargo & Company by 23.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,233,911 shares of the financial services provider’s stock valued at $73,282,000 after acquiring an additional 237,400 shares during the period. Citizens Financial Group Inc. RI raised its holdings in Wells Fargo & Company by 712.9% in the second quarter. Citizens Financial Group Inc. RI now owns 160,380 shares of the financial services provider’s stock worth $9,525,000 after purchasing an additional 140,650 shares during the period. Sierra Summit Advisors LLC boosted its position in shares of Wells Fargo & Company by 6.7% during the second quarter. Sierra Summit Advisors LLC now owns 7,401 shares of the financial services provider’s stock worth $440,000 after purchasing an additional 467 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Wells Fargo & Company by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock valued at $1,178,591,000 after buying an additional 831,975 shares during the period. Finally, Black Diamond Financial LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at $229,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on WFC. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods decreased their price objective on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research report on Monday, July 15th. BMO Capital Markets increased their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. The Goldman Sachs Group cut their price target on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Finally, Evercore ISI reduced their price target on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, September 6th. Twelve investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $60.29.

Wells Fargo & Company Trading Up 1.4 %

Wells Fargo & Company stock opened at $54.54 on Wednesday. The company has a market cap of $190.14 billion, a price-to-earnings ratio of 11.20, a P/E/G ratio of 1.27 and a beta of 1.16. The firm has a 50-day moving average of $56.39 and a 200-day moving average of $57.92. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.29 by $0.04. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.25 earnings per share. On average, 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 company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.93%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. Wells Fargo & Company’s payout ratio is presently 32.85%.

About Wells Fargo & Company

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.