Wells Fargo & Company (NYSE:WFC) Shares Sold by Carmichael Hill & Associates Inc.

Carmichael Hill & Associates Inc. decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 41.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,484 shares of the financial services provider’s stock after selling 1,037 shares during the quarter. Carmichael Hill & Associates Inc.’s holdings in Wells Fargo & Company were worth $88,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Core Wealth Advisors Inc. acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Valued Wealth Advisors LLC grew 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 valued at $37,000 after purchasing an additional 220 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth $32,000. Atlantic Edge Private Wealth Management LLC acquired a new position in Wells Fargo & Company in the 4th quarter worth $34,000. Finally, Beaird Harris Wealth Management LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $34,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WFC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods cut their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and decreased their price target for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Tuesday. Morgan Stanley boosted their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Finally, BMO Capital Markets lifted their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Twelve analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $60.41.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC traded up $0.49 during trading hours on Wednesday, hitting $58.86. 2,942,980 shares of the company’s stock traded hands, compared to its average volume of 17,724,748. The company’s fifty day simple moving average is $57.41 and its two-hundred day simple moving average is $57.87. The company has a market cap of $205.20 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 1.43 and a beta of 1.17. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the firm posted $1.25 earnings per share. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.15 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a $0.40 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.72%. Wells Fargo & Company’s dividend payout ratio is currently 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.