Lincoln Capital LLC decreased its stake in shares of Wells Fargo & Co (NYSE:WFC) by 14.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,847 shares of the financial services provider’s stock after selling 1,000 shares during the quarter. Lincoln Capital LLC’s holdings in Wells Fargo & Co were worth $277,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Daily Journal Corp lifted its position in Wells Fargo & Co by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after acquiring an additional 157,588,200 shares during the period. Norges Bank purchased a new position in Wells Fargo & Co in the 4th quarter valued at approximately $2,004,580,000. Standard Life Aberdeen plc increased its stake in Wells Fargo & Co by 75.7% in the 4th quarter. Standard Life Aberdeen plc now owns 6,606,543 shares of the financial services provider’s stock valued at $300,795,000 after purchasing an additional 2,847,214 shares in the last quarter. Geode Capital Management LLC increased its stake in Wells Fargo & Co by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after purchasing an additional 2,114,810 shares in the last quarter. Finally, Thoroughbred Financial Services LLC increased its stake in Wells Fargo & Co by 4,699.3% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,844,403 shares of the financial services provider’s stock valued at $184,440,000 after purchasing an additional 1,805,972 shares in the last quarter. Institutional investors own 75.38% of the company’s stock.
In related news, insider Petros G. Pelos sold 28,304 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the transaction, the insider now owns 3,066 shares of the company’s stock, valued at $142,599.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.08% of the company’s stock.
Shares of NYSE WFC traded up $0.51 during mid-day trading on Friday, reaching $48.61. The company had a trading volume of 3,091,397 shares, compared to its average volume of 17,856,796. Wells Fargo & Co has a twelve month low of $43.02 and a twelve month high of $59.53. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. The firm has a market capitalization of $217.75 billion, a PE ratio of 11.10, a PEG ratio of 0.94 and a beta of 1.08. The stock has a 50 day simple moving average of $46.60.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. The firm had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. Wells Fargo & Co’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $0.98 earnings per share. Sell-side analysts forecast that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
Wells Fargo & Co declared that its board has initiated a stock buyback program on Thursday, June 27th that allows the company to repurchase $23.10 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.20%. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio is currently 41.10%.
Several equities analysts recently weighed in on WFC shares. BMO Capital Markets dropped their price objective on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Raymond James reissued a “hold” rating on shares of Wells Fargo & Co in a research report on Friday, April 12th. Atlantic Securities began coverage on Live Nation Entertainment in a report on Tuesday, June 11th. They set an “overweight” rating and a $75.00 price objective on the stock. Bank of America restated a “hold” rating and set a $212.00 price objective on shares of Goldman Sachs Group in a report on Monday, April 15th. Finally, Morgan Stanley lifted their target price 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 equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $51.23.
Wells Fargo & Co Profile
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.
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