Cape Cod Five Cents Savings Bank lowered its stake in Wells Fargo & Company (NYSE:WFC) by 1.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Rocky Mountain Advisers LLC boosted its position in Wells Fargo & by 117.6% in the fourth quarter. Rocky Mountain Advisers LLC now owns 1,850 shares of the financial services provider’s stock worth $102,000 after buying an additional 1,000 shares during the period. Alexandria Capital LLC raised its position in shares of Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after buying an additional 6 shares during the last quarter. Brick & Kyle Associates raised its position in shares of Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after buying an additional 162 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of Wells Fargo & during the first quarter valued at about $124,000. Finally, Empirical Finance LLC purchased a new position in shares of Wells Fargo & during the fourth quarter valued at about $128,000. Institutional investors and hedge funds own 76.05% of the company’s stock.
Shares of Wells Fargo & Company (NYSE:WFC) opened at 52.84 on Tuesday. The stock has a 50 day moving average of $54.26 and a 200-day moving average of $54.96. The firm has a market capitalization of $262.29 billion, a price-to-earnings ratio of 13.01 and a beta of 0.95. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99.
Wells Fargo & (NYSE:WFC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The company had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $22.23 billion. During the same quarter in the prior year, the firm posted $1.01 earnings per share. The firm’s revenue was up .2% compared to the same quarter last year. Analysts expect that Wells Fargo & Company will post $4.17 earnings per share for the current year.
Wells Fargo & declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed 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 of this dividend is Wednesday, August 2nd. This represents a $1.56 annualized dividend and a dividend yield of 2.95%. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio is currently 38.42%.
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Several brokerages have recently weighed in on WFC. BidaskClub downgraded shares of Wells Fargo & from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. BMO Capital Markets upgraded shares of Wells Fargo & from an “underperform” rating to a “market perform” rating and reduced their price objective for the company from $50.00 to $47.00 in a research report on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies restated a “hold” rating on shares of Wells Fargo & in a research report on Sunday, July 30th. Royal Bank Of Canada restated a “buy” rating and issued a $60.00 price objective on shares of Wells Fargo & in a research report on Friday, July 28th. Finally, Berenberg Bank downgraded shares of Wells Fargo & from a “hold” rating to a “sell” rating and raised their price objective for the company from $35.00 to $45.00 in a research report on Friday, July 21st. Six investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $55.87.
In other Wells Fargo & news, insider Hope A. Hardison sold 20,000 shares of the stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $52.07, for a total transaction of $1,041,400.00. Following the completion of the sale, the insider now owns 109 shares of the company’s stock, valued at approximately $5,675.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David M. Carroll sold 27,582 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $53.28, for a total transaction of $1,469,568.96. The disclosure for this sale can be found here. Insiders sold 131,278 shares of company stock valued at $6,940,120 in the last ninety days. 0.22% of the stock is currently 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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