Atlas Brown Inc. cut its position in Wells Fargo & Company (NYSE:WFC) by 5.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 7,171 shares of the financial services provider’s stock after selling 453 shares during the period. Atlas Brown Inc.’s holdings in Wells Fargo & were worth $397,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Moloney Securities Asset Management LLC purchased a new stake in Wells Fargo & during the fourth quarter worth about $774,000. Glassman Wealth Services boosted its stake in Wells Fargo & by 3.1% in the fourth quarter. Glassman Wealth Services now owns 15,956 shares of the financial services provider’s stock worth $879,000 after buying an additional 474 shares during the last quarter. Billings Capital Management LLC boosted its stake in Wells Fargo & by 5.8% in the fourth quarter. Billings Capital Management LLC now owns 68,824 shares of the financial services provider’s stock worth $3,793,000 after buying an additional 3,781 shares during the last quarter. Cheviot Value Management LLC purchased a new stake in Wells Fargo & during the fourth quarter worth about $341,000. Finally, Janus Capital Management LLC boosted its stake in Wells Fargo & by 6.4% in the fourth quarter. Janus Capital Management LLC now owns 4,637,848 shares of the financial services provider’s stock worth $255,592,000 after buying an additional 278,612 shares during the last quarter. Institutional investors and hedge funds own 75.85% of the company’s stock.
Wells Fargo & Company (NYSE:WFC) opened at 51.94 on Friday. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99. The company has a 50-day moving average of $54.25 and a 200-day moving average of $55.00. The company has a market capitalization of $257.83 billion, a PE ratio of 12.79 and a beta of 0.95.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm had revenue of $22.20 billion during the quarter, compared to analyst estimates of $22.23 billion. During the same period in the previous year, the business posted $1.01 earnings per share. The business’s revenue for the quarter was up .2% on a year-over-year basis. On average, equities research analysts anticipate that Wells Fargo & Company will post $4.17 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be paid a $0.39 dividend. The ex-dividend date is Wednesday, August 2nd. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.00%. Wells Fargo &’s payout ratio is currently 38.42%.
Wells Fargo & announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $11.50 billion in shares. This buyback authorization allows the financial services provider to purchase up to 4.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
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A number of analysts have weighed in on WFC shares. Vining Sparks raised Wells Fargo & to a “strong-buy” rating and set a $65.00 price target for the company in a research report on Thursday, April 27th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $62.00 price target on shares of Wells Fargo & in a research report on Monday, May 8th. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a research report on Monday, July 3rd. Vetr cut Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 price objective for the company. in a research report on Thursday, May 4th. Finally, Berenberg Bank cut Wells Fargo & from a “hold” rating to a “sell” rating and boosted their price objective for the stock from $35.00 to $45.00 in a research report on Friday, July 21st. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $55.87.
In other news, insider David M. Carroll sold 27,582 shares of Wells Fargo & stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $53.28, for a total value of $1,469,568.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Petros G. Pelos sold 24,708 shares of Wells Fargo & stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $54.07, for a total transaction of $1,335,961.56. The disclosure for this sale can be found here. Insiders sold 131,278 shares of company stock valued at $6,940,120 over the last quarter. Company insiders own 0.22% of the company’s stock.
About Wells Fargo &
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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