Summit Securities Group LLC Has $477,000 Stake in Wells Fargo & Co (WFC)

Summit Securities Group LLC trimmed its position in Wells Fargo & Co (NYSE:WFC) by 92.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,100 shares of the financial services provider’s stock after selling 109,600 shares during the quarter. Summit Securities Group LLC’s holdings in Wells Fargo & Co were worth $477,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Alps Advisors Inc. raised its holdings in shares of Wells Fargo & Co by 4.8% in the 1st quarter. Alps Advisors Inc. now owns 865,249 shares of the financial services provider’s stock valued at $45,348,000 after purchasing an additional 39,417 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its stake in Wells Fargo & Co by 29.2% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 409,808 shares of the financial services provider’s stock worth $21,478,000 after acquiring an additional 92,597 shares in the last quarter. Wealthstreet Investment Advisors LLC raised its stake in Wells Fargo & Co by 8.3% during the 1st quarter. Wealthstreet Investment Advisors LLC now owns 62,634 shares of the financial services provider’s stock worth $3,283,000 after acquiring an additional 4,796 shares in the last quarter. Twin Capital Management Inc. raised its stake in Wells Fargo & Co by 14.0% during the 1st quarter. Twin Capital Management Inc. now owns 219,220 shares of the financial services provider’s stock worth $11,489,000 after acquiring an additional 27,000 shares in the last quarter. Finally, ARP Americas LP acquired a new stake in Wells Fargo & Co during the 1st quarter worth $938,000. Institutional investors and hedge funds own 76.18% of the company’s stock.

Several brokerages recently commented on WFC. Morgan Stanley lifted their price target on shares of Wells Fargo & Co from $72.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. JPMorgan Chase & Co. lowered shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating in a research note on Monday, February 5th. Royal Bank of Canada lowered shares of Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. BMO Capital Markets reiterated a “hold” rating and set a $60.00 price target on shares of Wells Fargo & Co in a research note on Monday, February 5th. Finally, Citigroup lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research note on Monday, February 5th. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $61.83.

Shares of Wells Fargo & Co stock opened at $56.18 on Thursday. Wells Fargo & Co has a 1 year low of $49.27 and a 1 year high of $66.31. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.27. The firm has a market cap of $266.03 billion, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 1.47 and a beta of 1.13.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, April 13th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.05. Wells Fargo & Co had a net margin of 22.80% and a return on equity of 12.46%. The company had revenue of $21.93 billion for the quarter, compared to the consensus estimate of $21.74 billion. During the same period last year, the firm posted $1.00 EPS. Wells Fargo & Co’s revenue for the quarter was down 1.4% on a year-over-year basis. research analysts forecast that Wells Fargo & Co will post 4.57 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Friday, May 4th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend is Thursday, May 3rd. Wells Fargo & Co’s payout ratio is 37.96%.

Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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