Redmond Asset Management LLC Acquires Shares of 22,998 Wells Fargo & Co (NYSE:WFC)

Redmond Asset Management LLC acquired a new stake in shares of Wells Fargo & Co (NYSE:WFC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,998 shares of the financial services provider’s stock, valued at approximately $1,088,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in shares of Wells Fargo & Co by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after purchasing an additional 2,114,810 shares during the last quarter. Founders Financial Securities LLC lifted its stake in shares of Wells Fargo & Co by 8.0% in the 4th quarter. Founders Financial Securities LLC now owns 12,307 shares of the financial services provider’s stock valued at $567,000 after purchasing an additional 910 shares during the last quarter. Edge Capital Group LLC acquired a new stake in shares of Wells Fargo & Co in the 4th quarter valued at $694,000. Sontag Advisory LLC acquired a new stake in shares of Wells Fargo & Co in the 4th quarter valued at $152,000. Finally, Miramar Capital LLC acquired a new stake in shares of Wells Fargo & Co in the 4th quarter valued at $603,000. 76.89% of the stock is currently owned by institutional investors and hedge funds.

Several research firms recently issued reports on WFC. Morgan Stanley reduced their price objective on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 17th. Citigroup lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $56.00 to $51.00 in a research note on Friday, July 12th. BMO Capital Markets reduced their price objective on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. JPMorgan Chase & Co. reduced their price objective on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research note on Tuesday, July 9th. Finally, Zacks Investment Research lowered 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 investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $51.12.

WFC traded down $0.07 during trading on Thursday, hitting $43.90. The stock had a trading volume of 618,278 shares, compared to its average volume of 22,285,064. The stock has a market capitalization of $200.13 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 0.88 and a beta of 1.08. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The company has a 50 day simple moving average of $47.06.

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

The company also recently announced 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. This represents a $2.04 annualized dividend and a yield of 4.65%. The ex-dividend date is Thursday, August 8th. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio (DPR) is 46.58%.

Wells Fargo & Co declared that its Board of Directors has approved a stock 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 buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is 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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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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