Wells Fargo & Company $WFC Shares Sold by White Pine Capital LLC

White Pine Capital LLC cut its stake in Wells Fargo & Company (NYSE:WFC) by 1.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,932 shares of the financial services provider’s stock after selling 676 shares during the period. Wells Fargo & Company makes up approximately 1.1% of White Pine Capital LLC’s holdings, making the stock its 18th largest holding. White Pine Capital LLC’s holdings in Wells Fargo & Company were worth $3,360,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Access Investment Management LLC acquired a new position in Wells Fargo & Company during the second quarter worth $25,000. CBIZ Investment Advisory Services LLC increased its position in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after buying an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the second quarter valued at $27,000. Motco raised its stake in shares of 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 during the last quarter. Finally, Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the 1st quarter worth about $29,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $82.47 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market capitalization of $258.88 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.18 and a beta of 1.22. The company’s 50 day simple moving average is $83.96 and its 200 day simple moving average is $80.18. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $88.64.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, topping the consensus estimate of $1.55 by $0.18. The firm had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. Wells Fargo & Company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.42 EPS. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is presently 29.61%.

Analysts Set New Price Targets

Several research firms have weighed in on WFC. TD Cowen raised their target price on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a report on Wednesday, October 15th. Citigroup increased their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. Cowen reissued a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, October 15th. Evercore ISI upped their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Finally, Barclays increased their target price on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $89.57.

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.