SFE Investment Counsel trimmed its position in Wells Fargo & Co (NYSE:WFC) by 7.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,527 shares of the financial services provider’s stock after selling 2,190 shares during the period. SFE Investment Counsel’s holdings in Wells Fargo & Co were worth $1,255,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brand Asset Management Group Inc. boosted its stake 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 acquiring an additional 242 shares in the last quarter. Orrstown Financial Services Inc. lifted its stake 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 buying an additional 287 shares during the period. Evolution Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co during the second quarter worth $25,000. Horan Capital Advisors LLC. acquired a new stake in shares of Wells Fargo & Co during the first quarter worth $27,000. Finally, Nalls Sherbakoff Group LLC acquired a new stake in shares of Wells Fargo & Co during the fourth quarter worth $32,000. Institutional investors own 75.35% of the company’s stock.
In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of Wells Fargo & Co stock in a transaction on Monday, May 13th. The shares were sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the transaction, the insider now owns 3,066 shares of the company’s stock, valued at $142,599.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is currently owned by insiders.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to analysts’ expectations of $20.95 billion. During the same quarter last year, the company posted $0.98 earnings per share. The firm’s revenue was up .1% compared to the same quarter last year. Sell-side analysts forecast that Wells Fargo & Co will post 4.8 EPS for the current year.
Wells Fargo & Co declared that its board has authorized a share repurchase 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 buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be issued a $0.51 dividend. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a yield of 4.47%. Wells Fargo & Co’s payout ratio is presently 41.10%.
Several equities research analysts have recently commented on the stock. UBS Group lowered their price objective on shares of Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Macquarie downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $54.00 to $47.00 in a research note on Wednesday, July 17th. Wolfe Research downgraded shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Buckingham Research lowered their price objective on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Finally, Zacks Investment Research downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price objective for the company. in a research note on Thursday, June 27th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company’s stock. Wells Fargo & Co has a consensus rating of “Hold” and an average target price of $51.12.
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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