Wells Fargo & Company (NYSE:WFC) Short Interest Up 23.7% in August

Wells Fargo & Company (NYSE:WFC) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 36,580,000 shares, an increase of 23.7% from the August 15th total of 29,570,000 shares. Based on an average trading volume of 17,320,000 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.1% of the shares of the stock are sold short.

Institutional Investors Weigh In On Wells Fargo & Company

Several hedge funds have recently modified their holdings of the company. Heritage Wealth Management Inc. acquired a new stake in Wells Fargo & Company in the 2nd quarter valued at about $223,000. Creekside Partners acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $566,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $26,000. RiverFront Investment Group LLC acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $6,927,000. Finally, New Wave Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $414,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

NYSE:WFC traded up $1.21 during mid-day trading on Friday, hitting $52.78. The company's stock had a trading volume of 24,762,027 shares, compared to its average volume of 18,010,568. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market cap of $184.01 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 1.27 and a beta of 1.16. The business's fifty day moving average is $56.60 and its two-hundred day moving average is $57.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. During the same period in the prior year, the company earned $1.25 earnings per share. The firm's revenue was up .8% on a year-over-year basis. Analysts anticipate that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were paid a dividend of $0.40 per share. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company's dividend payout ratio is presently 32.85%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Jefferies Financial Group cut Wells Fargo & Company to a "hold" rating and decreased their price target for the company from $62.00 to $59.00 in a report on Friday, August 16th. The Goldman Sachs Group reduced their target price on Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday. Keefe, Bruyette & Woods reduced their target price on Wells Fargo & Company from $62.00 to $61.00 and set a "market perform" rating on the stock in a report on Monday, July 15th. Morgan Stanley lifted 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. Finally, Evercore ISI reduced their target price on Wells Fargo & Company from $67.00 to $65.00 and set an "outperform" rating on the stock in a report on Friday, September 6th. Twelve equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $60.29.

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.