Sanibel Captiva Trust Company Inc. Acquires 807 Shares of Wells Fargo & Company (NYSE:WFC)

Sanibel Captiva Trust Company Inc. lifted its position in Wells Fargo & Company (NYSE:WFC) by 6.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 14,330 shares of the financial services provider’s stock after purchasing an additional 807 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Wells Fargo & Company were worth $810,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Brevan Howard Capital Management LP acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $1,744,000. Bayesian Capital Management LP acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $3,362,000. Bartlett & CO. Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 15.6% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 24,556 shares of the financial services provider’s stock worth $1,215,000 after buying an additional 3,311 shares in the last quarter. Grayhawk Investment Strategies Inc. acquired a new position in Wells Fargo & Company in the fourth quarter valued at about $422,000. Finally, Financial Network Wealth Advisors LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth about $790,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 0.4 %

Shares of NYSE:WFC opened at $57.76 on Friday. The stock has a fifty day simple moving average of $55.22 and a two-hundred day simple moving average of $57.75. The stock has a market capitalization of $196.60 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a 12-month low of $38.58 and a 12-month high of $62.55. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly 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. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. During the same quarter in the previous year, the business earned $1.25 earnings per share. The company’s revenue was up .8% on a year-over-year basis. On average, research analysts anticipate that Wells Fargo & Company will post 5.12 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.77%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on WFC. The Goldman Sachs Group reduced their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. BMO Capital Markets upped their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research note on Tuesday. Keefe, Bruyette & Woods lowered their price target on 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. Finally, Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Tuesday, September 3rd. Twelve investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and an average price target of $60.65.

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.