LGT Fund Management Co Ltd. Reduces Holdings in Wells Fargo & Company $WFC

LGT Fund Management Co Ltd. lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 27.5% during the second quarter, HoldingsChannel reports. The firm owned 55,885 shares of the financial services provider’s stock after selling 21,167 shares during the period. LGT Fund Management Co Ltd.’s holdings in Wells Fargo & Company were worth $4,478,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. CBIZ Investment Advisory Services LLC raised its stake in shares of Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the period. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter worth approximately $29,000. Motco grew its position in shares of Wells Fargo & Company by 397.6% during the first 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. Nova Wealth Management Inc. grew its position in shares of Wells Fargo & Company by 112.9% during the second quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock worth $34,000 after buying an additional 227 shares in the last quarter. Finally, 1248 Management LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter worth approximately $31,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on WFC. Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday. Evercore ISI raised 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. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wells Fargo & Company in a report on Saturday, September 27th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $83.74.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $80.63 on Friday. The company has a market cap of $258.28 billion, a PE ratio of 13.81, a P/E/G ratio of 1.24 and a beta of 1.25. The company has a fifty day moving average price of $80.77 and a two-hundred day moving average price of $76.28. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a 12 month low of $55.98 and a 12 month high of $86.65.

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

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is presently 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.