Delap Wealth Advisory LLC Cuts Stock Holdings in Wells Fargo & Company $WFC

Delap Wealth Advisory LLC lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.5% during the second quarter, Holdings Channel reports. The fund owned 17,337 shares of the financial services provider’s stock after selling 825 shares during the period. Delap Wealth Advisory LLC’s holdings in Wells Fargo & Company were worth $1,389,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. CBIZ Investment Advisory Services LLC increased its position in shares of Wells Fargo & Company by 585.5% in the 1st 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 last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $27,000. Motco increased its holdings in Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after buying an additional 326 shares during the last quarter. Accent Capital Management LLC purchased a new position in Wells Fargo & Company in the first quarter valued at $29,000. Finally, 1248 Management LLC purchased a new position in Wells Fargo & Company in the first quarter valued at $31,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 7.1%

WFC opened at $84.51 on Wednesday. The firm has a market cap of $270.71 billion, a price-to-earnings ratio of 14.47, a price-to-earnings-growth ratio of 1.27 and a beta of 1.25. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $86.65. The business’s 50 day moving average is $80.79 and its two-hundred day moving average is $76.67. 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 (NYSE:WFC) last announced its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. The business 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 16.82% and a return on equity of 12.29%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the firm posted $1.42 earnings per share. On average, research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is 30.82%.

Analyst Ratings Changes

Several research firms recently commented on WFC. The Goldman Sachs Group dropped their target price on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. Dbs Bank upgraded Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Weiss Ratings upgraded shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, October 8th. Finally, Evercore ISI increased their price target on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.77.

Wells Fargo & Company 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.