Chemistry Wealth Management LLC Sells 5,948 Shares of Wells Fargo & Company $WFC

Chemistry Wealth Management LLC trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC) by 24.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,388 shares of the financial services provider’s stock after selling 5,948 shares during the quarter. Chemistry Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,520,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in WFC. Godfrey Financial Associates Inc. acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $25,000. Miller Capital Partners Inc. acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $25,000. Navalign LLC bought a new stake in Wells Fargo & Company during the 4th quarter worth $26,000. Joseph Group Capital Management bought a new stake in Wells Fargo & Company during the 4th quarter worth $28,000. Finally, Phillip James Consulting Co. acquired a new position in Wells Fargo & Company in the 1st quarter worth about $28,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $87.25 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The company has a fifty day moving average of $84.90 and a 200-day moving average of $83.06. The firm has a market capitalization of $263.86 billion, a P/E ratio of 12.68, a P/E/G ratio of 0.95 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period in the previous year, the firm posted $1.60 earnings per share. The business’s revenue was up 8.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio is presently 26.16%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WFC. Barclays cut their price target on Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 15th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. JPMorgan Chase & Co. lifted their target price on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Finally, Raymond James Financial restated a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.61.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.