Norway Savings Bank Decreases Stake in Wells Fargo & Company (WFC)

Norway Savings Bank decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 21,623 shares of the financial services provider’s stock after selling 228 shares during the period. Wells Fargo & accounts for 1.2% of Norway Savings Bank’s portfolio, making the stock its 26th largest position. Norway Savings Bank’s holdings in Wells Fargo & were worth $1,198,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in WFC. Dodge & Cox acquired a new stake in shares of Wells Fargo & during the fourth quarter valued at approximately $3,942,119,000. Norges Bank acquired a new stake in shares of Wells Fargo & during the fourth quarter valued at approximately $2,800,566,000. Harris Associates L P boosted its stake in shares of Wells Fargo & by 1.2% in the first quarter. Harris Associates L P now owns 23,796,125 shares of the financial services provider’s stock valued at $1,324,492,000 after buying an additional 286,710 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of Wells Fargo & by 3.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 14,311,805 shares of the financial services provider’s stock valued at $796,596,000 after buying an additional 423,113 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Wells Fargo & by 0.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,415,854 shares of the financial services provider’s stock valued at $746,726,000 after buying an additional 93,236 shares during the period. 75.97% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company (NYSE:WFC) traded up 0.966% on Monday, reaching $53.815. 5,525,828 shares of the company’s stock traded hands. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99. The stock has a market cap of $267.29 billion, a price-to-earnings ratio of 13.255 and a beta of 0.95. The company’s 50 day moving average is $54.48 and its 200-day moving average is $55.12. Wells Fargo & also saw unusually large options trading activity on Friday. Traders purchased 25,437 put options on the company. This is an increase of approximately 157% compared to the average volume of 9,913 put options.

Wells Fargo & (NYSE:WFC) last released its earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The company had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. During the same quarter last year, the business earned $1.01 EPS. The firm’s revenue was up .2% compared to the same quarter last year. Equities analysts expect that Wells Fargo & Company will post $4.17 EPS for the current year.

Wells Fargo & announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

The company 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 is Wednesday, August 2nd. This represents a $1.56 dividend on an annualized basis and a yield of 2.93%. Wells Fargo &’s dividend payout ratio (DPR) is presently 37.44%.

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Several analysts recently issued reports on the company. BMO Capital Markets upgraded Wells Fargo & from an “underperform” rating to a “market perform” rating and set a $47.00 target price on the stock in a report on Monday. Piper Jaffray Companies reiterated a “hold” rating on shares of Wells Fargo & in a research note on Sunday. Royal Bank Of Canada reiterated a “buy” rating and issued a $60.00 price objective on shares of Wells Fargo & in a research note on Friday. Berenberg Bank lowered Wells Fargo & from a “hold” rating to a “sell” rating and lifted their price objective for the stock from $35.00 to $45.00 in a research note on Friday, July 21st. Finally, BidaskClub lowered Wells Fargo & from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Six analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $55.87.

In related news, Director Ronald Sargent acquired 9,050 shares of Wells Fargo & stock in a transaction dated Friday, May 5th. The shares were purchased at an average price of $55.15 per share, for a total transaction of $499,107.50. Following the completion of the transaction, the director now directly owns 81 shares in the company, valued at approximately $4,467.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Petros G. Pelos sold 24,708 shares of Wells Fargo & stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $54.07, for a total transaction of $1,335,961.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 131,278 shares of company stock worth $6,940,120. 0.22% of the stock is owned by company insiders.

Wells Fargo & Company Profile

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.

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

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