Cape Cod Five Cents Savings Bank decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.7% during the second quarter, Holdings Channel reports. 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 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in WFC. 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 valued at $102,000 after buying an additional 1,000 shares during the last quarter. Alexandria Capital LLC boosted its position in 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 boosted its position in 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 bought a new position in Wells Fargo & during the first quarter valued at approximately $124,000. Finally, Empirical Finance LLC bought a new position in Wells Fargo & during the fourth quarter valued at approximately $128,000. Hedge funds and other institutional investors own 75.89% of the company’s stock.
Wells Fargo & Company (NYSE:WFC) opened at 54.94 on Thursday. The firm has a market capitalization of $272.87 billion, a P/E ratio of 13.53 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’s 50-day moving average is $53.96 and its 200-day moving average is $55.16.
Wells Fargo & (NYSE:WFC) last released its quarterly 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. The company had revenue of $22.20 billion for 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 business’s quarterly revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.01 earnings per share. On average, equities analysts expect that Wells Fargo & Company will post $4.17 earnings per share for the current year.
Wells Fargo & declared that its board has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
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Several research firms recently commented on WFC. Evercore ISI cut their target price on shares of Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating for the company in a research note 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 lowered 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 lowered 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 reissued a “buy” rating and issued a $62.00 price target on shares of Wells Fargo & in a report on Friday, June 23rd. Six investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, fifteen have issued 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 an average target price of $56.06.
In other news, Director Ronald Sargent purchased 9,050 shares of Wells Fargo & stock in a transaction dated Friday, May 5th. The shares were bought 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 acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael J. Loughlin sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $52.16, for a total value of $1,043,200.00. Following the sale, the insider now owns 7 shares in the company, valued at $365.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 231,278 shares of company stock worth $12,361,120. Company insiders own 0.22% of the company’s stock.
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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