First Community Trust NA Decreases Stake in Wells Fargo & Company (NYSE:WFC)

First Community Trust NA decreased its position in Wells Fargo & Company (NYSE:WFC) by 15.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,867 shares of the financial services provider’s stock after selling 346 shares during the quarter. First Community Trust NA’s holdings in Wells Fargo & Company were worth $80,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in Wells Fargo & Company during the fourth quarter valued at $2,049,693,000. Moneta Group Investment Advisors LLC increased its position in shares of Wells Fargo & Company by 129,312.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock valued at $1,085,410,000 after purchasing an additional 26,267,166 shares during the last quarter. Renaissance Technologies LLC lifted its position in Wells Fargo & Company by 1,478.6% in the first quarter. Renaissance Technologies LLC now owns 8,390,611 shares of the financial services provider’s stock worth $406,609,000 after buying an additional 7,859,100 shares during the last quarter. Ontario Teachers Pension Plan Board bought a new stake in shares of Wells Fargo & Company in the 1st quarter worth about $345,861,000. Finally, Deutsche Bank AG boosted its stake in shares of Wells Fargo & Company by 38.9% during the 4th quarter. Deutsche Bank AG now owns 15,661,675 shares of the financial services provider’s stock worth $646,671,000 after purchasing an additional 4,382,639 shares during the period. 72.47% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 0.0 %

Shares of NYSE WFC traded down $0.02 during mid-day trading on Friday, reaching $43.03. 8,090,083 shares of the company were exchanged, compared to its average volume of 20,176,570. Wells Fargo & Company has a 1 year low of $35.25 and a 1 year high of $48.84. The firm has a 50-day moving average of $43.42 and a 200 day moving average of $41.51. The stock has a market cap of $157.44 billion, a price-to-earnings ratio of 10.76, a P/E/G ratio of 0.86 and a beta of 1.14. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.05.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, July 14th. The financial services provider reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Wells Fargo & Company had a net margin of 16.18% and a return on equity of 11.15%. The business had revenue of $20.53 billion during the quarter, compared to the consensus estimate of $20.11 billion. During the same period in the previous year, the company posted $0.74 earnings per share. The firm’s revenue was up 20.5% on a year-over-year basis. On average, research analysts expect that Wells Fargo & Company will post 4.84 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 4th were given a dividend of $0.35 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.30. The ex-dividend date was Thursday, August 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 3.25%. Wells Fargo & Company’s dividend payout ratio is presently 35.00%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on WFC shares. Raymond James upped their target price on Wells Fargo & Company from $48.00 to $51.00 and gave the company a “strong-buy” rating in a research note on Monday, July 3rd. Wolfe Research lowered Wells Fargo & Company from an “outperform” rating to a “peer perform” rating in a research note on Friday, July 7th. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $49.00 to $52.00 and gave the stock an “overweight” rating in a report on Tuesday, August 1st. Odeon Capital Group lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $43.75 price objective for the company. in a report on Monday, July 17th. Finally, BMO Capital Markets reduced their target price on shares of Wells Fargo & Company from $54.00 to $51.00 in a research report on Monday, July 17th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.39.

About Wells Fargo & Company

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.