Wealth Enhancement Advisory Services LLC bought a new position in shares of Wells Fargo & Co (NYSE:WFC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 43,011 shares of the financial services provider’s stock, valued at approximately $2,077,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Orrstown Financial Services Inc. grew its position in shares of Wells Fargo & Co by 125.9% in the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 287 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co in the second quarter valued at approximately $25,000. Horan Capital Advisors LLC. acquired a new stake in shares of Wells Fargo & Co in the first quarter valued at approximately $27,000. Brand Asset Management Group Inc. grew its position in shares of Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 242 shares during the last quarter. Finally, Nalls Sherbakoff Group LLC acquired a new stake in shares of Wells Fargo & Co in the fourth quarter valued at approximately $32,000. Institutional investors own 76.89% of the company’s stock.
NYSE:WFC traded down $0.42 during trading hours on Thursday, reaching $43.55. 17,590,256 shares of the company were exchanged, compared to its average volume of 22,285,064. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The stock has a market cap of $200.13 billion, a price-to-earnings ratio of 9.94, a price-to-earnings-growth ratio of 0.88 and a beta of 1.08. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53. The company’s 50 day moving average is $47.06.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. The company had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. Wells Fargo & Co’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm posted $0.98 earnings per share. On average, analysts forecast that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a yield of 4.68%. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 46.58%.
Wells Fargo & Co declared that its board has authorized a share buyback program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Several analysts have recently commented on the stock. Atlantic Securities lowered shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target on the stock. in a research report on Tuesday, June 11th. Citigroup downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $56.00 to $51.00 in a research note on Friday, July 12th. BMO Capital Markets reduced their price objective on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Odeon Capital Group raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Finally, Morgan Stanley reduced their price objective on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 17th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $51.12.
Wells Fargo & Co Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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