Cape Cod Five Cents Savings Bank cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,801 shares of the financial services provider’s stock after selling 100 shares during the period. Cape Cod Five Cents Savings Bank’s holdings in Wells Fargo & were worth $321,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of WFC. B & T Capital Management DBA Alpha Capital Management raised its position in Wells Fargo & by 2.0% in the second quarter. B & T Capital Management DBA Alpha Capital Management now owns 45,154 shares of the financial services provider’s stock valued at $2,502,000 after buying an additional 871 shares during the last quarter. Access Financial Services Inc. raised its stake in Wells Fargo & by 1.9% in the second quarter. Access Financial Services Inc. now owns 26,723 shares of the financial services provider’s stock valued at $1,481,000 after buying an additional 497 shares in the last quarter. CrestPoint Capital Management LLC raised its stake in Wells Fargo & by 0.3% in the second quarter. CrestPoint Capital Management LLC now owns 32,500 shares of the financial services provider’s stock valued at $1,801,000 after buying an additional 100 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in Wells Fargo & by 1.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 757,118 shares of the financial services provider’s stock valued at $41,951,000 after buying an additional 7,480 shares in the last quarter. Finally, Vigilant Capital Management LLC raised its stake in Wells Fargo & by 2.5% in the second quarter. Vigilant Capital Management LLC now owns 2,792 shares of the financial services provider’s stock valued at $155,000 after buying an additional 67 shares in the last quarter. Institutional investors and hedge funds own 76.00% of the company’s stock.
Wells Fargo & Company (WFC) traded down 2.58% during mid-day trading on Friday, reaching $53.30. The company’s stock had a trading volume of 32,590,568 shares. Wells Fargo & Company has a 12-month low of $43.55 and a 12-month high of $59.99. The firm’s 50 day moving average is $54.48 and its 200-day moving average is $55.12. The company has a market cap of $264.73 billion, a PE ratio of 13.13 and a beta of 0.96.
Wells Fargo & (NYSE:WFC) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.05. The company had revenue of $22.20 billion during the quarter, compared to analysts’ expectations of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The firm’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 earnings per share. Equities analysts anticipate that Wells Fargo & Company will post $4.17 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be paid a dividend of $0.39 per share. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $1.56 annualized dividend and a yield of 2.93%. Wells Fargo &’s dividend payout ratio (DPR) is 37.44%.
Wells Fargo & announced that its Board of Directors has initiated a share buyback program 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 shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Several research firms recently issued reports on WFC. Evercore ISI reduced their price target on shares of Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Friday, May 12th. Jefferies Group LLC reissued a “hold” rating and issued a $62.00 price target on shares of Wells Fargo & in a report on Monday, May 8th. Instinet cut their price target on shares of Wells Fargo & from $65.00 to $64.00 and set a “buy” rating on the stock in a report on Wednesday, April 19th. Vetr downgraded shares of Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 price target on the stock. in a report on Thursday, May 4th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $62.00 price objective on shares of Wells Fargo & in a research note on Friday, June 23rd. Seven investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $55.96.
In related news, Director Ronald Sargent bought 9,050 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The stock was purchased at an average cost of $55.15 per share, for a total transaction of $499,107.50. Following the completion of the acquisition, the director now owns 81 shares in the company, valued at approximately $4,467.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Petros G. Pelos sold 24,708 shares of Wells Fargo & stock in a transaction on Monday, June 12th. The shares were sold at an average price of $54.07, for a total value of $1,335,961.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 131,278 shares of company stock valued at $6,940,120. 0.22% of the stock is owned by insiders.
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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