Summit Investment Advisors Inc. Sells 10,240 Shares of Wells Fargo & Company $WFC

Summit Investment Advisors Inc. lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 11.7% in the 1st quarter, Holdings Channel.com reports. The fund owned 77,312 shares of the financial services provider’s stock after selling 10,240 shares during the period. Summit Investment Advisors Inc.’s holdings in Wells Fargo & Company were worth $5,550,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Access Investment Management LLC purchased a new position in Wells Fargo & Company during the 2nd quarter valued at $25,000. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the second quarter worth $27,000. CBIZ Investment Advisory Services LLC lifted its position in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the period. Accent Capital Management LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter valued at $29,000. Finally, Motco lifted its holdings in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC opened at $86.05 on Friday. The company has a market capitalization of $270.11 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $88.50. The firm has a 50-day simple moving average of $83.25 and a 200-day simple moving average of $79.27. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.11. The firm had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.42 earnings per share. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is 29.61%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on WFC. Bank of America increased their price objective on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Dbs Bank raised shares of Wells Fargo & Company to a “moderate buy” rating in a research report on Tuesday, October 21st. Cfra Research raised Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. UBS Group reduced their price objective on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Finally, Evercore ISI increased their price objective on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Eleven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company Profile

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.