LeConte Wealth Management LLC Takes $267,000 Position in Wells Fargo & Company $WFC

LeConte Wealth Management LLC bought a new stake in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,328 shares of the financial services provider’s stock, valued at approximately $267,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in shares of Wells Fargo & Company by 2,735,254.3% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after purchasing an additional 949,735,001 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Wells Fargo & Company by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider’s stock valued at $1,471,259,000 after purchasing an additional 128,207 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after acquiring an additional 7,894,919 shares in the last quarter. Boston Partners raised its holdings in Wells Fargo & Company by 6.2% in the first quarter. Boston Partners now owns 8,953,009 shares of the financial services provider’s stock valued at $640,616,000 after acquiring an additional 523,107 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Wells Fargo & Company by 10.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider’s stock valued at $431,418,000 after acquiring an additional 544,473 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 0.2%

Shares of NYSE:WFC opened at $84.18 on Thursday. The stock has a market capitalization of $269.65 billion, a price-to-earnings ratio of 14.41, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25. Wells Fargo & Company has a 1-year low of $53.31 and a 1-year high of $86.65. The company’s fifty day moving average is $80.66 and its two-hundred day moving average is $75.62. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.33 earnings per share. Equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio is 30.82%.

Analyst Ratings Changes

Several research firms recently issued reports on WFC. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Friday, August 22nd. Evercore ISI reaffirmed an “outperform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. The Goldman Sachs Group cut their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. Finally, Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $82.97.

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.