Mcdonald Capital Investors Inc. CA decreased its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 0.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,730,147 shares of the financial services provider’s stock after selling 15,311 shares during the quarter. Wells Fargo & Co makes up about 6.7% of Mcdonald Capital Investors Inc. CA’s holdings, making the stock its 8th biggest position. Mcdonald Capital Investors Inc. CA’s holdings in Wells Fargo & Co were worth $81,871,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Coastal Capital Group Inc. bought a new stake in Wells Fargo & Co in the 2nd quarter valued at $78,000. Harrington Investments INC bought a new stake in Wells Fargo & Co in the 1st quarter valued at $203,000. Assenagon Asset Management S.A. boosted its holdings in Wells Fargo & Co by 72.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 34,115 shares of the financial services provider’s stock valued at $1,648,000 after purchasing an additional 14,291 shares during the period. Ballentine Partners LLC boosted its holdings in Wells Fargo & Co by 16.3% in the 2nd quarter. Ballentine Partners LLC now owns 22,787 shares of the financial services provider’s stock valued at $1,078,000 after purchasing an additional 3,193 shares during the period. Finally, Calton & Associates Inc. boosted its holdings in Wells Fargo & Co by 67.8% in the 2nd quarter. Calton & Associates Inc. now owns 10,772 shares of the financial services provider’s stock valued at $510,000 after purchasing an additional 4,354 shares during the period. Institutional investors own 76.34% of the company’s stock.
A number of analysts have weighed in on WFC shares. Atlantic Securities downgraded shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target for the company. in a report on Tuesday, June 11th. UBS Group reduced 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 report 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 report on Tuesday, July 9th. Wolfe Research downgraded shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Finally, Odeon Capital Group raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company. Wells Fargo & Co presently has a consensus rating of “Hold” and an average price target of $51.12.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (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 firm had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. During the same period last year, the firm posted $0.98 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. As a group, analysts predict that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.
Wells Fargo & Co declared that its Board of Directors has initiated 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be issued 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 4.56%. The ex-dividend date of this dividend is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 46.58%.
About Wells Fargo & Co
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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