Strs Ohio trimmed its holdings in Wells Fargo & Co (NYSE:WFC) by 0.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,744,584 shares of the financial services provider’s stock after selling 20,941 shares during the period. Wells Fargo & Co comprises about 0.8% of Strs Ohio’s portfolio, making the stock its 18th largest holding. Strs Ohio’s holdings in Wells Fargo & Co were worth $177,193,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Orrstown Financial Services Inc. grew its stake in shares of Wells Fargo & Co by 125.9% during the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 287 shares during the period. Evolution Wealth Advisors LLC bought a new position in shares of Wells Fargo & Co during the 2nd quarter valued at approximately $25,000. Horan Capital Advisors LLC. bought a new position in shares of Wells Fargo & Co during the 1st quarter valued at approximately $27,000. Brand Asset Management Group Inc. grew its stake in shares of Wells Fargo & Co by 96.8% during the 1st 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 during the period. Finally, Nalls Sherbakoff Group LLC bought a new position in shares of Wells Fargo & Co during the 4th quarter valued at approximately $32,000. Institutional investors own 75.35% of the company’s stock.
A number of brokerages recently issued reports on WFC. Raymond James reiterated a “hold” rating on shares of Wells Fargo & Co in a research note on Friday, April 12th. Citigroup downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price objective for the company from $56.00 to $51.00 in a research note on Friday, July 12th. Bank of America downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating in a research note on Monday, April 15th. Barclays cut their price objective on Wells Fargo & Co from $64.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, April 15th. Finally, Wolfe Research downgraded Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $51.12.
NYSE WFC traded down $1.33 during trading hours on Monday, reaching $46.11. The company’s stock had a trading volume of 978,810 shares, compared to its average volume of 19,834,826. The business’s 50-day moving average is $47.04. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $59.53. The stock has a market cap of $213.21 billion, a P/E ratio of 10.54, a price-to-earnings-growth ratio of 0.92 and a beta of 1.08.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, topping the Zacks’ 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 company had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $20.95 billion. During the same period in the previous year, the firm earned $0.98 EPS. The firm’s revenue was up .1% compared to the same quarter last year. Sell-side analysts anticipate that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 dividend on an annualized basis and a yield of 4.42%. Wells Fargo & Co’s payout ratio is currently 41.10%.
Wells Fargo & Co announced that its Board of Directors has initiated a stock buyback 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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. 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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