Selway Asset Management Has $1.77 Million Stake in Wells Fargo & Company (NYSE:WFC)

Selway Asset Management reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 10.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,400 shares of the financial services provider’s stock after selling 3,600 shares during the period. Selway Asset Management’s holdings in Wells Fargo & Company were worth $1,774,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in WFC. Mattson Financial Services LLC bought a new position in Wells Fargo & Company during the 2nd quarter worth $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company during the 2nd quarter worth $26,000. Transcendent Capital Group LLC acquired a new position in Wells Fargo & Company during the 4th quarter worth about $32,000. Valued Wealth Advisors LLC lifted its holdings in Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after buying an additional 220 shares during the period. Finally, J.Safra Asset Management Corp lifted its holdings in Wells Fargo & Company by 704.3% during the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after buying an additional 648 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on WFC shares. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and dropped their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a report on Tuesday, October 8th. Morgan Stanley reduced their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Evercore ISI upped their target price on Wells Fargo & Company from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Tuesday, September 3rd. Twelve investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $61.07.

Wells Fargo & Company Stock Up 5.6 %

Shares of WFC traded up $3.24 during mid-day trading on Friday, reaching $60.99. The company had a trading volume of 37,049,236 shares, compared to its average volume of 17,983,938. The company has a market capitalization of $212.63 billion, a price-to-earnings ratio of 12.52, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a 52 week low of $38.58 and a 52 week high of $62.55. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a 50-day moving average price of $55.39 and a 200 day moving average price of $57.79.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.25. The business had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.39 EPS. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.12 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.62%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio is 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.