Deprince Race & Zollo Inc. Cuts Stake in Wells Fargo & Company (NYSE:WFC)

Deprince Race & Zollo Inc. lessened its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 1.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,022,575 shares of the financial services provider's stock after selling 13,990 shares during the period. Wells Fargo & Company makes up approximately 1.4% of Deprince Race & Zollo Inc.'s investment portfolio, making the stock its 10th largest position. Deprince Race & Zollo Inc.'s holdings in Wells Fargo & Company were worth $60,731,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in WFC. Core Wealth Advisors Inc. bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Valued Wealth Advisors LLC boosted its stake in shares of Wells Fargo & Company by 53.7% in the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider's stock valued at $37,000 after buying an additional 220 shares during the period. Transcendent Capital Group LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $32,000. Beaird Harris Wealth Management LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $34,000. Finally, J.Safra Asset Management Corp boosted its stake in shares of Wells Fargo & Company by 704.3% in the first quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider's stock valued at $43,000 after buying an additional 648 shares during the period. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC traded up $2.77 during trading on Thursday, hitting $56.38. 34,462,272 shares of the company were exchanged, compared to its average volume of 18,197,613. The company has a market capitalization of $196.56 billion, a P/E ratio of 11.55, a price-to-earnings-growth ratio of 1.32 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The business's 50 day moving average is $55.87 and its 200-day moving average is $57.83. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11.

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

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.84%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. Wells Fargo & Company's dividend payout ratio is presently 32.85%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods cut their price target on Wells Fargo & Company from $62.00 to $61.00 and set a "market perform" rating for the company in a research note on Monday, July 15th. BMO Capital Markets boosted 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 research report on Thursday, July 11th. The Goldman Sachs Group lowered their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $65.00 price objective for the company in a research report on Tuesday, September 3rd. Finally, Jefferies Financial Group downgraded shares of Wells Fargo & Company to a "hold" rating and lowered their price objective for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Twelve investment 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 MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $60.29.

Wells Fargo & 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.