National Pension Service increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 10.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,476,479 shares of the financial services provider’s stock after buying an additional 317,441 shares during the period. Wells Fargo & comprises approximately 1.2% of National Pension Service’s holdings, making the stock its 13th biggest holding. National Pension Service owned about 0.07% of Wells Fargo & worth $193,918,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Boston Partners increased its stake in Wells Fargo & by 50.0% during the 1st quarter. Boston Partners now owns 7,948,841 shares of the financial services provider’s stock worth $442,432,000 after buying an additional 2,648,763 shares during the period. Canada Pension Plan Investment Board increased its stake in Wells Fargo & by 83.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 7,972,116 shares of the financial services provider’s stock worth $443,728,000 after buying an additional 3,637,100 shares during the period. Kovitz Investment Group Partners LLC increased its stake in Wells Fargo & by 3.0% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 782,897 shares of the financial services provider’s stock worth $43,576,000 after buying an additional 22,725 shares during the period. Adviser Investments LLC purchased a new stake in Wells Fargo & during the 1st quarter worth $5,588,000. Finally, Mutual of America Capital Management LLC increased its stake in Wells Fargo & by 2.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 546,787 shares of the financial services provider’s stock worth $30,434,000 after buying an additional 11,972 shares during the period. 75.10% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently issued reports on the stock. Buckingham Research reaffirmed a “neutral” rating and set a $62.00 price target (up previously from $60.00) on shares of Wells Fargo & in a research note on Monday, July 10th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $62.00 price target on shares of Wells Fargo & in a research note on Friday, June 23rd. Instinet reaffirmed a “buy” rating and set a $65.00 price target (up previously from $64.00) on shares of Wells Fargo & in a research note on Saturday. Zacks Investment Research downgraded shares of Wells Fargo & from a “hold” rating to a “sell” rating in a research note on Monday, June 19th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $62.00 price target on shares of Wells Fargo & in a research note on Thursday, June 8th. Six research analysts have rated the stock with a sell rating, fourteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $56.61.
Wells Fargo & Company (NYSE:WFC) traded up 1.66% during mid-day trading on Friday, hitting $55.15. 20,872,334 shares of the company’s stock were exchanged. The stock has a market capitalization of $273.76 billion, a P/E ratio of 13.58 and a beta of 0.96. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99. The firm has a 50 day moving average of $51.89 and a 200 day moving average of $53.88.
Wells Fargo & (NYSE:WFC) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The business had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The firm’s quarterly revenue was up .2% compared to the same quarter last year. Equities analysts forecast that Wells Fargo & Company will post $4.15 earnings per share for the current fiscal year.
Wells Fargo & announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 4th were issued a dividend of $0.39 per share. The ex-dividend date was Wednesday, August 2nd. This represents a $1.56 dividend on an annualized basis and a yield of 2.83%. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio is currently 38.42%.
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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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