Yacktman Asset Management LP Sells 919 Shares of Wells Fargo & Co (NYSE:WFC)

Yacktman Asset Management LP lowered its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 0.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,020,871 shares of the financial services provider’s stock after selling 919 shares during the period. Wells Fargo & Co accounts for approximately 1.1% of Yacktman Asset Management LP’s holdings, making the stock its 21st largest position. Yacktman Asset Management LP’s holdings in Wells Fargo & Co were worth $95,628,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the stock. Orrstown Financial Services Inc. boosted its stake in shares of Wells Fargo & Co by 125.9% in the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after buying an additional 287 shares during the period. Evolution Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Co in the second quarter valued at approximately $25,000. Horan Capital Advisors LLC. bought a new stake in shares of Wells Fargo & Co in the first quarter valued at approximately $27,000. Brand Asset Management Group Inc. boosted its stake in shares of 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 buying an additional 242 shares during the period. Finally, Nalls Sherbakoff Group LLC bought a new stake in shares of Wells Fargo & Co in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 76.89% of the company’s stock.

WFC has been the subject of several recent research reports. Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating and cut their price target for the company from $54.00 to $47.00 in a research note on Wednesday, July 17th. Odeon Capital Group upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Wolfe Research cut Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. BMO Capital Markets cut their price target on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Finally, Buckingham Research cut their price target on 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. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company. Wells Fargo & Co presently has an average rating of “Hold” and an average target price of $51.12.

WFC traded up $0.97 during trading on Friday, hitting $44.35. 12,788,926 shares of the stock traded hands, compared to its average volume of 21,243,790. Wells Fargo & Co has a twelve month low of $43.02 and a twelve month high of $59.53. The company has a market cap of $202.50 billion, a price-to-earnings ratio of 10.13, a PEG ratio of 0.90 and a beta of 1.08. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. The business has a 50 day moving average price of $47.02 and a 200 day moving average price of $47.61.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, beating 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 business had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. During the same period in the previous year, the business earned $0.98 earnings per share. The company’s revenue was up .1% on a year-over-year basis. On average, equities research analysts predict that Wells Fargo & Co will post 4.8 earnings per share for the current year.

Wells Fargo & Co declared that its Board of Directors has approved a stock repurchase plan on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors 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 given a dividend of $0.51 per share. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.60%. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s payout ratio is currently 46.58%.

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.

See Also: What is operating income?

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).

Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.