Smith Capital Management Inc. AR ADV Cuts Position in Wells Fargo & Co (NYSE:WFC)

Smith Capital Management Inc. AR ADV cut its stake in Wells Fargo & Co (NYSE:WFC) by 8.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,968 shares of the financial services provider’s stock after selling 532 shares during the quarter. Smith Capital Management Inc. AR ADV’s holdings in Wells Fargo & Co were worth $282,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Grove Bank & Trust grew its stake in Wells Fargo & Co by 1.5% during the 1st quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock worth $710,000 after buying an additional 214 shares during the last quarter. Gilbert & Cook Inc. grew its stake in Wells Fargo & Co by 0.6% during the 2nd quarter. Gilbert & Cook Inc. now owns 40,447 shares of the financial services provider’s stock worth $1,914,000 after buying an additional 225 shares during the last quarter. Legacy Bridge LLC grew its stake in Wells Fargo & Co by 1.2% during the 1st quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock worth $928,000 after buying an additional 230 shares during the last quarter. Brand Asset Management Group Inc. grew its stake in Wells Fargo & Co by 96.8% during the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after buying an additional 242 shares during the last quarter. Finally, Private Wealth Advisors Inc. grew its stake in Wells Fargo & Co by 1.2% during the 2nd quarter. Private Wealth Advisors Inc. now owns 20,653 shares of the financial services provider’s stock worth $977,000 after buying an additional 242 shares during the last quarter. Institutional investors and hedge funds own 75.29% of the company’s stock.

NYSE:WFC traded down $0.28 during trading hours on Friday, hitting $48.63. 30,254,595 shares of the stock were exchanged, compared to its average volume of 18,337,244. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $55.81. The firm’s fifty day moving average price is $46.53 and its 200 day moving average price is $47.23. 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 company has a market cap of $215.50 billion, a P/E ratio of 11.10, a P/E/G ratio of 0.96 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. During the same period in the previous year, the business earned $0.98 EPS. Wells Fargo & Co’s quarterly revenue was up .1% on a year-over-year basis. Equities analysts expect that Wells Fargo & Co will post 4.78 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a dividend of $0.51 per share. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.19%. The ex-dividend date was Thursday, August 8th. Wells Fargo & Co’s payout ratio is 46.58%.

Wells Fargo & Co announced that its board has initiated a share repurchase plan on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

A number of brokerages have commented on WFC. Wolfe Research cut Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, July 10th. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target for the company. in a research report on Thursday, June 27th. UBS Group cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $51.00 to $49.00 in a research report on Tuesday, September 10th. Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $54.00 to $47.00 in a research report on Wednesday, July 17th. Finally, Buckingham Research lowered their price target on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Five analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the company’s stock. Wells Fargo & Co currently has an average rating of “Hold” and a consensus price target of $50.74.

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

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