Ironvine Capital Partners LLC grew its holdings in Wells Fargo & Co (NYSE:WFC) by 30.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 439,541 shares of the financial services provider’s stock after buying an additional 101,728 shares during the period. Wells Fargo & Co accounts for approximately 3.5% of Ironvine Capital Partners LLC’s portfolio, making the stock its 10th largest position. Ironvine Capital Partners LLC’s holdings in Wells Fargo & Co were worth $21,296,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Orrstown Financial Services Inc. raised its holdings in 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 in the last quarter. Evolution Wealth Advisors LLC purchased a new position in Wells Fargo & Co during the second quarter worth about $25,000. Horan Capital Advisors LLC. purchased a new position in Wells Fargo & Co during the first quarter worth about $27,000. Brand Asset Management Group Inc. raised its holdings in 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 purchasing an additional 242 shares in the last quarter. Finally, Nalls Sherbakoff Group LLC purchased a new position in Wells Fargo & Co during the fourth quarter worth about $32,000. 75.35% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently issued reports on WFC shares. Morgan Stanley cut their price target on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a report on Wednesday, July 17th. Odeon Capital Group raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. UBS Group cut their price target on shares of Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Goldman Sachs Group cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price target for the stock from $58.00 to $48.00 in a report on Friday, April 12th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $51.12.
WFC traded down $0.09 on Tuesday, hitting $46.05. 1,031,779 shares of the company were exchanged, compared to its average volume of 20,302,696. 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 business has a fifty day moving average price of $47.13. Wells Fargo & Co has a fifty-two week low of $43.02 and a fifty-two week high of $59.53. The firm has a market capitalization of $213.21 billion, a price-to-earnings ratio of 10.48, a P/E/G ratio of 0.92 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, topping the 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 company had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same period in the prior year, the business posted $0.98 earnings per share. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. On average, sell-side analysts predict that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be given a $0.51 dividend. The ex-dividend date is Thursday, August 8th. 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 4.43%. Wells Fargo & Co’s dividend payout ratio is currently 41.10%.
Wells Fargo & Co announced that its board has approved a stock repurchase plan on Thursday, June 27th that allows the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors 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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