Arbor Investment Advisors LLC cut its stake in shares of Wells Fargo & Co (NYSE:WFC) by 16.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,767 shares of the financial services provider’s stock after selling 2,942 shares during the quarter. Arbor Investment Advisors LLC’s holdings in Wells Fargo & Co were worth $699,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in WFC. Grove Bank & Trust lifted its stake in Wells Fargo & Co by 1.5% in the first quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock valued at $710,000 after buying an additional 214 shares during the last quarter. Legacy Bridge LLC lifted its stake in Wells Fargo & Co by 1.2% in the first quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock valued at $928,000 after buying an additional 230 shares during the last quarter. Telos Capital Management Inc. lifted its stake in Wells Fargo & Co by 4.3% in the first quarter. Telos Capital Management Inc. now owns 5,624 shares of the financial services provider’s stock valued at $272,000 after buying an additional 234 shares during the last quarter. Augustine Asset Management Inc. lifted its stake in Wells Fargo & Co by 1.6% in the first quarter. Augustine Asset Management Inc. now owns 15,182 shares of the financial services provider’s stock valued at $733,000 after buying an additional 241 shares during the last quarter. Finally, Brand Asset Management Group Inc. lifted its stake in Wells Fargo & Co by 96.8% in 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. 75.38% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have weighed in on WFC. Morgan Stanley boosted their price objective on WPP from GBX 1,025 ($13.39) to GBX 1,060 ($13.85) and gave the company an “equal weight” rating in a research note on Wednesday, July 17th. Zacks Investment Research cut Green Plains from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 27th. Citigroup upgraded Infosys from a “neutral” rating to a “buy” rating in a research note on Friday, July 12th. Buckingham Research reduced their price objective on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Finally, Goldman Sachs Group cut Encana to a “buy” rating in a research note on Friday, April 12th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $51.23.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same quarter in the prior year, the business earned $0.98 earnings per share. The company’s quarterly revenue was up .1% compared to the same quarter last year. On average, research analysts predict that Wells Fargo & Co will post 4.8 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be given a $0.51 dividend. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.32%. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.
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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the 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 completion of the transaction, the insider now owns 3,066 shares in the company, valued at $142,599.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.08% of the company’s stock.
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.
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