Community Bank N.A. decreased its position in Wells Fargo & Co (NYSE:WFC) by 2.5% during the 2nd quarter, Holdings Channel reports. The firm owned 30,006 shares of the financial services provider’s stock after selling 755 shares during the quarter. Community Bank N.A.’s holdings in Wells Fargo & Co were worth $1,419,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Brand Asset Management Group Inc. grew its holdings in 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 purchasing an additional 242 shares during the last quarter. Orrstown Financial Services Inc. boosted its stake in Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after buying an additional 287 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new stake in Wells Fargo & Co in the 2nd quarter worth about $25,000. Horan Capital Advisors LLC. acquired a new stake in Wells Fargo & Co in the 1st quarter worth about $27,000. Finally, Nalls Sherbakoff Group LLC acquired a new stake in Wells Fargo & Co in the 4th quarter worth about $32,000. 75.35% of the stock is currently owned by institutional investors.
A number of analysts have issued reports on the company. Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target on the stock. in a research note on Thursday, June 27th. Wolfe Research lowered Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. UBS Group decreased their price target on Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Citigroup lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $56.00 to $51.00 in a research note on Friday, July 12th. Finally, Raymond James reissued a “hold” rating on shares of Wells Fargo & Co in a research note on Friday, April 12th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. Wells Fargo & Co has an average rating of “Hold” and a consensus price target of $51.12.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.14. The company had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the business posted $0.98 EPS. Analysts expect that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
The company 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 $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.35%. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.10%.
Wells Fargo & Co declared that its board has approved a share repurchase program on Thursday, June 27th that permits the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Petros G. Pelos sold 28,304 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $46.51, for a total value 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.08% of the company’s stock.
Wells Fargo & Co 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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