Teacher Retirement System of Texas lessened its position in shares of Wells Fargo & Co (NYSE:WFC) by 52.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 511,233 shares of the financial services provider’s stock after selling 567,855 shares during the period. Teacher Retirement System of Texas’ holdings in Wells Fargo & Co were worth $24,192,000 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. Brand Asset Management Group Inc. raised its stake in Wells Fargo & Co by 96.8% during the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after buying an additional 242 shares during the last quarter. Orrstown Financial Services Inc. grew its holdings in 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 worth $25,000 after purchasing an additional 287 shares during the period. Evolution Wealth Advisors LLC acquired a new stake in Wells Fargo & Co in the second quarter worth $25,000. Horan Capital Advisors LLC. acquired a new stake in Wells Fargo & Co in the first quarter worth $27,000. Finally, Next Capital Management LLC acquired a new stake in Wells Fargo & Co in the second quarter worth $32,000. 76.34% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have commented on the stock. 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. BMO Capital Markets reduced their price target on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating for the company 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. 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. Finally, Wolfe Research cut shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the stock. The stock has a consensus 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 4.52%. The ex-dividend date 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.
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