Mackay Shields LLC Decreases Stock Position in Wells Fargo & Company (NYSE:WFC)

Mackay Shields LLC trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 12.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 649,812 shares of the financial services provider’s stock after selling 92,759 shares during the period. Mackay Shields LLC’s holdings in Wells Fargo & Company were worth $29,430,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. United Asset Strategies Inc. bought a new position in shares of Wells Fargo & Company during the 2nd quarter valued at about $3,427,000. HighTower Advisors LLC grew its stake in shares of Wells Fargo & Company by 0.5% in the second quarter. HighTower Advisors LLC now owns 2,353,631 shares of the financial services provider’s stock worth $106,589,000 after acquiring an additional 10,724 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Wells Fargo & Company by 4.9% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 260,751 shares of the financial services provider’s stock worth $11,809,000 after buying an additional 12,156 shares in the last quarter. Beck Mack & Oliver LLC lifted its holdings in shares of Wells Fargo & Company by 3.5% during the second quarter. Beck Mack & Oliver LLC now owns 24,575 shares of the financial services provider’s stock valued at $1,113,000 after acquiring an additional 835 shares during the period. Finally, Private Advisory Group LLC lifted its holdings in shares of Wells Fargo & Company by 12.8% during the second quarter. Private Advisory Group LLC now owns 72,160 shares of the financial services provider’s stock valued at $3,268,000 after acquiring an additional 8,206 shares during the period. 70.82% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have weighed in on WFC shares. Odeon Capital Group cut Wells Fargo & Company from a “buy” rating to a “hold” rating in a report on Monday, July 19th. Royal Bank of Canada boosted their target price on Wells Fargo & Company from $40.00 to $45.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 7th. Evercore ISI reiterated a “buy” rating and set a $49.00 price objective on shares of Wells Fargo & Company in a research note on Friday, September 10th. Morgan Stanley cut Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $49.00 to $46.00 in a research note on Tuesday, September 28th. Finally, Raymond James upped their price objective on Wells Fargo & Company from $52.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, August 26th. Nine research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company has an average rating of “Buy” and an average price target of $47.95.

NYSE WFC traded down $0.90 during trading hours on Thursday, hitting $45.15. 1,514,864 shares of the company’s stock were exchanged, compared to its average volume of 30,030,033. The stock has a 50-day simple moving average of $47.13 and a 200 day simple moving average of $45.41. Wells Fargo & Company has a 1-year low of $20.76 and a 1-year high of $51.41. The firm has a market cap of $185.40 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 0.99 and a beta of 1.36. The company has a current ratio of 0.83, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Thursday, October 14th. The financial services provider reported $1.17 EPS for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.13. Wells Fargo & Company had a return on equity of 9.85% and a net margin of 19.79%. The firm had revenue of $18.83 billion during the quarter, compared to analysts’ expectations of $18.31 billion. During the same quarter last year, the firm posted $0.56 earnings per share. The company’s revenue for the quarter was down .1% compared to the same quarter last year. On average, sell-side analysts anticipate that Wells Fargo & Company will post 4.37 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Friday, August 6th were given a dividend of $0.20 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.10. The ex-dividend date was Thursday, August 5th. This represents a $0.80 annualized dividend and a dividend yield of 1.77%. Wells Fargo & Company’s payout ratio is presently 145.45%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.

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

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