NEXT Financial Group Inc lifted its position in shares of Wells Fargo & Co (NYSE:WFC) by 29.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,419 shares of the financial services provider’s stock after purchasing an additional 2,391 shares during the period. NEXT Financial Group Inc’s holdings in Wells Fargo & Co were worth $493,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brand Asset Management Group Inc. grew its stake in shares of 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 acquiring an additional 242 shares in the last quarter. Orrstown Financial Services Inc. increased its holdings in shares of Wells Fargo & Co by 125.9% during the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 287 shares during the period. Evolution Wealth Advisors LLC bought a new position in shares of Wells Fargo & Co during the second quarter worth approximately $25,000. Horan Capital Advisors LLC. bought a new position in shares of Wells Fargo & Co during the first quarter worth approximately $27,000. Finally, Nalls Sherbakoff Group LLC bought a new position in shares of Wells Fargo & Co during the fourth quarter worth approximately $32,000. Institutional investors own 75.37% of the company’s stock.
Several research analysts have recently commented on the stock. Goldman Sachs Group cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $58.00 to $48.00 in a report on Friday, April 12th. JPMorgan Chase & Co. lowered their price objective on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th. Morgan Stanley lowered their price objective on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 17th. Bank of America lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating in a research note on Monday, April 15th. Finally, Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price objective on the stock. in a research note on Thursday, June 27th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the stock. Wells Fargo & Co has an average rating of “Hold” and a consensus target price of $51.12.
Shares of WFC traded up $0.38 during mid-day trading on Friday, reaching $47.44. The company had a trading volume of 20,157,522 shares, compared to its average volume of 18,701,396. The business’s 50 day moving average price is $47.04. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $59.53. 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 company has a market cap of $217.57 billion, a P/E ratio of 10.00, a price-to-earnings-growth ratio of 0.94 and a beta of 1.08.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same quarter last year, the business posted $0.98 earnings per share. The company’s quarterly revenue was up .1% on a year-over-year basis. On average, analysts anticipate that Wells Fargo & Co will post 4.8 earnings per share for the current year.
The business also recently announced 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. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a yield of 4.30%. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 41.10%.
Wells Fargo & Co announced that its Board of Directors has authorized a share repurchase program on Thursday, June 27th that permits the company to buyback $23.10 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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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