Trade Report: Today, Brighton Jones LLC Reduces Position in Wells Fargo & Co. (WFC)

Today, Brighton Jones LLC Reduces Position in Wells Fargo & Co. (WFC)

Brighton Jones LLC cut its stake in Wells Fargo & Co. (NYSE:WFC) by 3.5% during the third quarter, Holdings Channel reports. The institutional investor owned 46,554 shares of the financial services provider’s stock after selling 1,692 shares during the period. Brighton Jones LLC’s holdings in Wells Fargo & Co. were worth $2,061,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Global X Management Co. LLC increased its position in Wells Fargo & Co. by 64.8% in the second quarter. Global X Management Co. LLC now owns 2,301 shares of the financial services provider’s stock valued at $109,000 after buying an additional 905 shares during the period. Tradewinds Capital Management LLC increased its position in Wells Fargo & Co. by 4.7% in the second quarter. Tradewinds Capital Management LLC now owns 3,253 shares of the financial services provider’s stock valued at $154,000 after buying an additional 147 shares during the period. Cedar Wealth Management LLC increased its position in Wells Fargo & Co. by 47.8% in the second quarter. Cedar Wealth Management LLC now owns 3,276 shares of the financial services provider’s stock valued at $155,000 after buying an additional 1,059 shares during the period. Gemmer Asset Management LLC increased its position in Wells Fargo & Co. by 6.7% in the second quarter. Gemmer Asset Management LLC now owns 3,735 shares of the financial services provider’s stock valued at $177,000 after buying an additional 234 shares during the period. Finally, Bellwether Investment Group LLC purchased a new position in Wells Fargo & Co. during the second quarter valued at $186,000. 72.76% of the stock is currently owned by institutional investors.

Shares of Wells Fargo & Co. (NYSE:WFC) traded down 1.98% during midday trading on Monday, hitting $51.58. 26,518,494 shares of the stock traded hands. Wells Fargo & Co. has a 1-year low of $43.55 and a 1-year high of $56.24. The stock has a 50 day moving average of $47.82 and a 200 day moving average of $47.86. The company has a market capitalization of $259.05 billion, a P/E ratio of 12.80 and a beta of 0.93.

Wells Fargo & Co. (NYSE:WFC) last released its quarterly earnings data on Friday, October 14th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $1.01 by $0.02. The company earned $22.30 billion during the quarter. Wells Fargo & Co. had a return on equity of 12.72% and a net margin of 23.91%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.05 EPS. Equities research analysts predict that Wells Fargo & Co. will post $4.03 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Friday, November 4th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Wednesday, November 2nd. Wells Fargo & Co.’s dividend payout ratio is 37.44%.

WFC has been the topic of several analyst reports. Evercore ISI reissued a “buy” rating and issued a $51.00 target price on shares of Wells Fargo & Co. in a research report on Sunday, October 23rd. Citigroup Inc. reissued a “buy” rating on shares of Wells Fargo & Co. in a research report on Thursday, November 10th. Vetr downgraded shares of Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $46.32 target price on the stock. in a research report on Tuesday, August 30th. Raymond James Financial Inc. restated a “market perform” rating on shares of Wells Fargo & Co. in a report on Friday, September 23rd. Finally, Keefe, Bruyette & Woods set a $57.00 price target on shares of Wells Fargo & Co. and gave the stock a “buy” rating in a report on Thursday, October 13th. Nine investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $49.56.

Wells Fargo & Co. Company Profile

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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