South State CORP. Sells 2,500 Shares of Wells Fargo & Company (NYSE:WFC)

South State CORP. reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 12.9% in the first quarter, Holdings Channel reports. The fund owned 16,883 shares of the financial services provider’s stock after selling 2,500 shares during the quarter. South State CORP.’s holdings in Wells Fargo & Company were worth $660,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Jacobi Capital Management LLC lifted its position in Wells Fargo & Company by 1.4% in the first quarter. Jacobi Capital Management LLC now owns 16,679 shares of the financial services provider’s stock worth $652,000 after buying an additional 236 shares during the last quarter. North Star Asset Management Inc. lifted its position in shares of Wells Fargo & Company by 1.4% during the first quarter. North Star Asset Management Inc. now owns 16,963 shares of the financial services provider’s stock worth $663,000 after purchasing an additional 240 shares during the last quarter. Gryphon Financial Partners LLC lifted its position in shares of Wells Fargo & Company by 0.9% during the first quarter. Gryphon Financial Partners LLC now owns 26,713 shares of the financial services provider’s stock worth $1,044,000 after purchasing an additional 246 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA lifted its position in shares of Wells Fargo & Company by 17.7% during the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,766 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 266 shares during the last quarter. Finally, Tributary Capital Management LLC lifted its position in shares of Wells Fargo & Company by 3.4% during the first quarter. Tributary Capital Management LLC now owns 9,100 shares of the financial services provider’s stock worth $356,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.

NYSE:WFC traded up $0.25 during trading hours on Friday, reaching $45.34. The company had a trading volume of 133,165 shares, compared to its average volume of 32,304,668. The company has a market capitalization of $187.42 billion, a price-to-earnings ratio of 31.10, a PEG ratio of 1.28 and a beta of 1.36. Wells Fargo & Company has a 1-year low of $20.76 and a 1-year high of $48.13. The stock has a 50 day moving average price of $44.71. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.82 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, April 13th. The financial services provider reported $1.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.36. The business had revenue of $18.06 billion during the quarter, compared to analysts’ expectations of $17.42 billion. Wells Fargo & Company had a return on equity of 4.88% and a net margin of 9.42%. The business’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.01 earnings per share. On average, equities analysts anticipate that Wells Fargo & Company will post 3.72 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 1st. Investors of record on Friday, May 7th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.88%. The ex-dividend date was Thursday, May 6th. Wells Fargo & Company’s payout ratio is 72.73%.

WFC has been the subject of several research analyst reports. Zacks Investment Research upgraded Wells Fargo & Company from a “hold” rating to a “strong-buy” rating and set a $49.00 target price for the company in a research report on Friday, April 16th. Compass Point raised their price target on Wells Fargo & Company from $46.00 to $53.00 and gave the company a “buy” rating in a research note on Tuesday, May 18th. Bank of America upgraded Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Friday, June 4th. Barclays raised their price target on Wells Fargo & Company from $42.00 to $46.00 and gave the company an “equal weight” rating in a research note on Thursday, April 15th. Finally, Argus raised their price target on Wells Fargo & Company from $37.00 to $47.00 in a research note on Thursday, April 15th. Nine analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $43.61.

Wells Fargo & Company Company Profile

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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

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