FSI Group LLC Purchases 51,611 Shares of Wells Fargo & Co (NYSE:WFC)

FSI Group LLC raised its position in Wells Fargo & Co (NYSE:WFC) by 47.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 161,403 shares of the financial services provider’s stock after acquiring an additional 51,611 shares during the quarter. Wells Fargo & Co makes up about 9.1% of FSI Group LLC’s holdings, making the stock its largest holding. FSI Group LLC’s holdings in Wells Fargo & Co were worth $7,638,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Doliver Advisors LP grew its stake in Wells Fargo & Co by 10.9% in the 2nd quarter. Doliver Advisors LP now owns 7,115 shares of the financial services provider’s stock valued at $337,000 after acquiring an additional 700 shares during the last quarter. Ballentine Partners LLC grew its stake in Wells Fargo & Co by 16.3% in the 2nd quarter. Ballentine Partners LLC now owns 22,787 shares of the financial services provider’s stock valued at $1,078,000 after acquiring an additional 3,193 shares during the last quarter. Element Pointe Advisors LLC acquired a new stake in Wells Fargo & Co in the 2nd quarter valued at about $457,000. Tokio Marine Asset Management Co. Ltd. grew its stake in Wells Fargo & Co by 7.2% in the 2nd quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,611 shares of the financial services provider’s stock valued at $644,000 after acquiring an additional 919 shares during the last quarter. Finally, Hartford Investment Management Co. grew its stake in Wells Fargo & Co by 6.4% in the 2nd quarter. Hartford Investment Management Co. now owns 632,133 shares of the financial services provider’s stock valued at $29,913,000 after acquiring an additional 37,904 shares during the last quarter. 75.35% of the stock is currently owned by institutional investors.

A number of brokerages recently commented on WFC. JPMorgan Chase & Co. lowered their price objective on shares of 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. Citigroup cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $56.00 to $51.00 in a research note on Friday, July 12th. Goldman Sachs Group cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $58.00 to $48.00 in a research note on Friday, April 12th. UBS Group reduced their target price on shares of Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Finally, BMO Capital Markets reduced their target price on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company’s stock. Wells Fargo & Co currently has a consensus rating of “Hold” and an average target price of $51.12.

In other news, insider Petros G. Pelos sold 28,304 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the transaction, the insider now directly owns 3,066 shares in the company, valued at approximately $142,599.66. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Shares of WFC stock opened at $46.14 on Tuesday. The stock has a market cap of $213.21 billion, a price-to-earnings ratio of 10.53, a P/E/G ratio of 0.92 and a beta of 1.08. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $59.53. 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 business’s 50-day moving average is $47.13.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The company’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 EPS. As a group, equities analysts expect that Wells Fargo & Co will post 4.8 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be issued a dividend of $0.51 per share. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a dividend yield of 4.42%. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.

Wells Fargo & Co declared that its Board of Directors has authorized a stock buyback program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors 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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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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