American Research & Management Co. trimmed its stake in Wells Fargo & Co (NYSE:WFC) by 96.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,150 shares of the financial services provider’s stock after selling 191,580 shares during the period. American Research & Management Co.’s holdings in Wells Fargo & Co were worth $396,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Delpha Capital Management LLC purchased a new stake in shares of Wells Fargo & Co during the 4th quarter worth approximately $103,000. Coyle Financial Counsel LLC purchased a new stake in shares of Wells Fargo & Co during the 1st quarter worth approximately $101,000. Stelac Advisory Services LLC purchased a new stake in shares of Wells Fargo & Co during the 4th quarter worth approximately $109,000. Santori & Peters Inc. purchased a new position in Wells Fargo & Co in the 4th quarter valued at approximately $110,000. Finally, Crewe Advisors LLC purchased a new position in Wells Fargo & Co in the 4th quarter valued at approximately $162,000. Institutional investors and hedge funds own 75.77% of the company’s stock.
In other news, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction on Monday, August 13th. The shares were sold at an average price of $58.01, for a total value of $1,450,250.00. Following the completion of the sale, the executive vice president now directly owns 109 shares of the company’s stock, valued at $6,323.09. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Avid Modjtabai sold 100,000 shares of the firm’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Friday, July 13th. The financial services provider reported $1.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.12 by ($0.04). The business had revenue of $21.55 billion during the quarter, compared to the consensus estimate of $21.52 billion. Wells Fargo & Co had a return on equity of 12.38% and a net margin of 22.03%. sell-side analysts expect that Wells Fargo & Co will post 4.56 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, September 1st. Stockholders of record on Friday, August 10th will be paid a $0.43 dividend. The ex-dividend date is Thursday, August 9th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.94%. Wells Fargo & Co’s dividend payout ratio is 41.85%.
A number of research analysts have recently commented on the stock. Zacks Investment Research lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Morgan Stanley dropped their price objective on shares of Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating for the company in a report on Monday, July 16th. Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $57.00 to $63.00 in a report on Sunday, July 15th. They noted that the move was a valuation call. Finally, Susquehanna Bancshares set a $63.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Friday, July 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $63.34.
Wells Fargo & Co Company Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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