Atwood & Palmer Inc. lessened its position in Wells Fargo & Co (NYSE:WFC) by 6.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,578 shares of the financial services provider’s stock after selling 800 shares during the period. Atwood & Palmer Inc.’s holdings in Wells Fargo & Co were worth $595,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of WFC. Orrstown Financial Services Inc. increased its holdings in Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 287 shares during the last quarter. Evolution Wealth Advisors LLC bought a new position in shares of Wells Fargo & Co during the second quarter valued at approximately $25,000. Horan Capital Advisors LLC. bought a new position in shares of Wells Fargo & Co during the first quarter valued at approximately $27,000. Brand Asset Management Group Inc. grew its stake in shares of Wells Fargo & Co by 96.8% during the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after buying an additional 242 shares during the last quarter. Finally, Nalls Sherbakoff Group LLC bought a new position in shares of Wells Fargo & Co during the fourth quarter valued at approximately $32,000. Institutional investors own 75.38% of the company’s stock.
A number of research firms have recently commented on WFC. Goldman Sachs Group cut Encana to a “buy” rating in a research note on Friday, April 12th. Citigroup raised Infosys from a “neutral” rating to a “buy” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. began coverage on Pinduoduo in a research note on Tuesday, July 9th. They set an “underweight” rating and a $20.48 target price on the stock. Barclays upped their target price on Zimmer Biomet from $113.00 to $117.00 and gave the company an “underweight” rating in a research note on Monday, April 15th. Finally, Morgan Stanley boosted their price target on WPP from GBX 1,025 ($13.39) to GBX 1,060 ($13.85) and gave the company an “equal weight” rating in a report on Wednesday, July 17th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $51.23.
Shares of WFC traded up $0.98 during midday trading on Friday, hitting $49.07. 382,034 shares of the company’s stock traded hands, compared to its average volume of 17,856,796. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $59.53. The company’s fifty day moving average is $46.60. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The firm has a market cap of $217.75 billion, a PE ratio of 11.19, a price-to-earnings-growth ratio of 0.94 and a beta of 1.08.
Wells Fargo & Co (NYSE:WFC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The firm had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.95 billion. During the same period in the prior year, the firm earned $0.98 EPS. The firm’s revenue was up .1% on a year-over-year basis. As a group, research analysts expect that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 4.16%. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.
Wells Fargo & Co announced that its Board of Directors has authorized a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In related news, insider Petros G. Pelos sold 28,304 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the transaction, the insider now directly owns 3,066 shares of the company’s stock, valued at approximately $142,599.66. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.08% of the stock is owned by corporate insiders.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
Recommended Story: What member countries make up the G-20?
Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).
Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.