Burke & Herbert Bank & Trust Co. Decreases Stock Position in Wells Fargo & Company (NYSE:WFC)

Burke & Herbert Bank & Trust Co. reduced its position in Wells Fargo & Company (NYSE:WFC) by 4.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,976 shares of the financial services provider’s stock after selling 491 shares during the quarter. Burke & Herbert Bank & Trust Co.’s holdings in Wells Fargo & Company were worth $468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of WFC. Barrett & Company Inc. purchased a new position in shares of Wells Fargo & Company in the first quarter valued at $25,000. Silicon Valley Capital Partners purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $26,000. Studio Investment Management LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $28,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Wells Fargo & Company in the first quarter valued at $28,000. Finally, Activest Wealth Management purchased a new position in shares of Wells Fargo & Company in the first quarter valued at $30,000. 72.47% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 1.2 %

WFC stock traded up $0.51 during trading on Monday, hitting $43.46. 6,345,371 shares of the company traded hands, compared to its average volume of 20,323,922. The firm has a market capitalization of $159.01 billion, a PE ratio of 10.85, a P/E/G ratio of 0.87 and a beta of 1.14. Wells Fargo & Company has a 1 year low of $35.25 and a 1 year high of $48.84. The company has a 50-day moving average of $43.43 and a 200-day moving average of $41.42. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, July 14th. The financial services provider reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $20.53 billion during the quarter, compared to analysts’ expectations of $20.11 billion. Wells Fargo & Company had a return on equity of 11.15% and a net margin of 16.18%. Wells Fargo & Company’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.74 EPS. Analysts predict that Wells Fargo & Company will post 4.84 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 4th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $1.40 annualized dividend and a yield of 3.22%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.30. Wells Fargo & Company’s dividend payout ratio (DPR) is 35.00%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on WFC shares. Citigroup lifted their price target on Wells Fargo & Company from $50.00 to $52.00 in a research report on Sunday, July 16th. Atlantic Securities boosted their target price on Wells Fargo & Company from $50.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, August 1st. Odeon Capital Group cut Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $43.75 target price for the company. in a research report on Monday, July 17th. Raymond James boosted their target price on Wells Fargo & Company from $48.00 to $51.00 and gave the stock a “strong-buy” rating in a research report on Monday, July 3rd. Finally, HSBC assumed coverage on Wells Fargo & Company in a research report on Thursday, September 7th. They set a “hold” rating and a $45.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $48.39.

Wells Fargo & Company Company Profile

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.