Neumann Capital Management LLC reduced its position in Wells Fargo & Co (NYSE:WFC) by 22.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,872 shares of the financial services provider’s stock after selling 8,300 shares during the quarter. Neumann Capital Management LLC’s holdings in Wells Fargo & Co were worth $1,366,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of WFC. Orrstown Financial Services Inc. increased its position 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 acquiring an additional 287 shares during the period. Evolution Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Co during the second quarter worth approximately $25,000. Horan Capital Advisors LLC. purchased a new position in shares of Wells Fargo & Co during the first quarter worth approximately $27,000. Brand Asset Management Group Inc. increased its position 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 worth $31,000 after acquiring an additional 242 shares during the period. Finally, Nalls Sherbakoff Group LLC purchased a new position in shares of Wells Fargo & Co during the fourth quarter worth approximately $32,000. 75.35% of the stock is currently owned by institutional investors.
A number of brokerages have recently commented on WFC. Deutsche Bank set a $44.00 target price on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 26th. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 target price on the stock. in a research report on Thursday, June 27th. Barclays reduced their target price on shares of Wells Fargo & Co from $64.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, April 15th. Citigroup lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $56.00 to $51.00 in a research report on Friday, July 12th. Finally, Buckingham Research reduced their target price on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $51.12.
Shares of NYSE WFC traded down $1.36 during midday trading on Monday, reaching $46.08. 16,988,327 shares of the company’s stock traded hands, compared to its average volume of 19,834,826. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89. The stock’s 50 day moving average is $47.04. Wells Fargo & Co has a one year low of $43.02 and a one year high of $59.53. The stock has a market cap of $213.21 billion, a P/E ratio of 10.52, a price-to-earnings-growth ratio of 0.92 and a beta of 1.08.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 the consensus estimate of $20.95 billion. During the same period last year, the firm earned $0.98 earnings per share. The company’s quarterly revenue was up .1% on a year-over-year basis. Equities analysts predict that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be paid a dividend of $0.51 per share. The ex-dividend date is Thursday, August 8th. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.43%. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 41.10%.
Wells Fargo & Co announced that its Board of Directors has authorized a stock buyback plan on Thursday, June 27th that permits the company to repurchase $23.10 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are 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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