MCF Advisors LLC lessened its position in shares of Wells Fargo & Co (NYSE:WFC) by 35.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,114 shares of the financial services provider’s stock after selling 1,149 shares during the period. MCF Advisors LLC’s holdings in Wells Fargo & Co were worth $100,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Coastal Capital Group Inc. bought a new position in Wells Fargo & Co during the second quarter worth $78,000. Harrington Investments INC bought a new position in Wells Fargo & Co during the first quarter worth $203,000. Assenagon Asset Management S.A. grew its holdings in Wells Fargo & Co by 72.1% in the first quarter. Assenagon Asset Management S.A. now owns 34,115 shares of the financial services provider’s stock worth $1,648,000 after purchasing an additional 14,291 shares during the period. Ballentine Partners LLC grew its holdings in Wells Fargo & Co by 16.3% in the second quarter. Ballentine Partners LLC now owns 22,787 shares of the financial services provider’s stock worth $1,078,000 after purchasing an additional 3,193 shares during the period. Finally, Calton & Associates Inc. grew its holdings in Wells Fargo & Co by 67.8% in the second quarter. Calton & Associates Inc. now owns 10,772 shares of the financial services provider’s stock worth $510,000 after purchasing an additional 4,354 shares during the period. 76.34% of the stock is owned by institutional investors and hedge funds.
WFC has been the subject of a number of research reports. Macquarie cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $54.00 to $47.00 in a report on Wednesday, July 17th. Odeon Capital Group upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Morgan Stanley reduced 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. JPMorgan Chase & Co. reduced their price target on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Finally, Citigroup cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $56.00 to $51.00 in a report on Friday, July 12th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $51.12.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.14. The firm had revenue of $21.58 billion during the quarter, compared to analysts’ expectations 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 revenue was up .1% on a year-over-year basis. During the same period last year, the company earned $0.98 earnings per share. Equities research analysts anticipate that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.
The firm 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 dividend of $0.51 per share. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 46.58%.
Wells Fargo & Co declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 27th that allows the company to buyback $23.10 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are 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.
Further Reading: Technical Analysis of Stocks and What It Means
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).
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.