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 filing with the SEC. The firm 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.
Several other large investors have also recently modified their holdings of the stock. Dodge & Cox bought a new position in shares of Wells Fargo & during the fourth quarter worth approximately $3,942,119,000. Norges Bank bought a new position in shares of Wells Fargo & during the fourth quarter worth approximately $2,800,566,000. Davis Selected Advisers raised its position in shares of Wells Fargo & by 0.9% in the fourth quarter. Davis Selected Advisers now owns 26,425,695 shares of the financial services provider’s stock worth $1,456,320,000 after buying an additional 232,344 shares during the period. Harris Associates L P raised its position 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 worth $1,324,492,000 after buying an additional 286,710 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position 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 worth $796,596,000 after buying an additional 423,113 shares during the period. 76.05% of the stock is currently owned by institutional investors.
Shares of Wells Fargo & Company (NYSE WFC) opened at 52.84 on Tuesday. The firm has a 50-day moving average of $54.26 and a 200-day moving average of $54.96. Wells Fargo & Company has a 12-month low of $43.55 and a 12-month high of $59.99. The firm has a market capitalization of $262.29 billion, a PE ratio of 13.01 and a beta of 0.95.
Wells Fargo & (NYSE:WFC) last issued its earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.05. The firm had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. Wells Fargo &’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior 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 year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be given a $0.39 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $1.56 dividend on an annualized basis and a yield of 2.95%. 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%.
Wells Fargo & declared that its Board of Directors has authorized a stock 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 repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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A number of research analysts have issued reports on WFC shares. Instinet decreased their target price on shares of Wells Fargo & from $65.00 to $64.00 and set a “buy” rating on the stock in a research report on Wednesday, April 19th. Vetr upgraded shares of Wells Fargo & from a “hold” rating to a “buy” rating and set a $57.21 price target on the stock in a research report on Wednesday, May 10th. Keefe, Bruyette & Woods set a $62.00 price target on shares of Wells Fargo & and gave the stock a “buy” rating in a research report on Friday, May 19th. Deutsche Bank AG reiterated a “buy” rating on shares of Wells Fargo & in a research report on Monday, July 3rd. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $60.00 price target on shares of Wells Fargo & in a research report on Friday, July 28th. Six equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $55.87.
In other Wells Fargo & news, insider Michael J. Loughlin sold 20,000 shares of the company’s stock in a transaction that occurred on 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 approximately $365.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Petros G. Pelos sold 24,708 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was 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 quarter, insiders sold 131,278 shares of company stock worth $6,940,120. 0.22% of the stock is owned by 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.
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