Cobblestone Capital Advisors LLC NY Sells 118,399 Shares of Wells Fargo & Company (NYSE:WFC)

Cobblestone Capital Advisors LLC NY trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 22.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 408,879 shares of the financial services provider’s stock after selling 118,399 shares during the quarter. Wells Fargo & Company accounts for approximately 1.5% of Cobblestone Capital Advisors LLC NY’s investment portfolio, making the stock its 18th largest position. Cobblestone Capital Advisors LLC NY’s holdings in Wells Fargo & Company were worth $24,283,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Core Wealth Advisors Inc. purchased a new position in Wells Fargo & Company in the 4th quarter worth about $25,000. Valued Wealth Advisors LLC increased its position in shares of Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 220 shares during the period. Transcendent Capital Group LLC bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $32,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $34,000. Finally, Beaird Harris Wealth Management LLC bought a new position in Wells Fargo & Company in the fourth quarter worth approximately $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on WFC. Keefe, Bruyette & Woods cut their target price on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research report on Monday, July 15th. BMO Capital Markets lifted their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Morgan Stanley upped their target price on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a report on Tuesday. Finally, Evercore ISI decreased their price objective on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday. Twelve equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $60.29.

Wells Fargo & Company Stock Performance

WFC stock traded down $2.86 on Friday, hitting $54.00. The company’s stock had a trading volume of 21,853,782 shares, compared to its average volume of 17,798,791. The stock has a market cap of $188.26 billion, a price-to-earnings ratio of 11.09, a price-to-earnings-growth ratio of 1.43 and a beta of 1.16. The firm has a 50 day moving average of $57.31 and a two-hundred day moving average of $57.88. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. The firm had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business’s revenue was up .8% on a year-over-year basis. During the same quarter last year, the company posted $1.25 earnings per share. Equities analysts predict that Wells Fargo & Company will post 5.15 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a $0.40 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.