Peak Asset Management LLC boosted its position in Wells Fargo & Company (NYSE:WFC) by 6.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,045 shares of the financial services provider’s stock after purchasing an additional 5,733 shares during the period. Wells Fargo & comprises approximately 2.0% of Peak Asset Management LLC’s portfolio, making the stock its 20th biggest holding. Peak Asset Management LLC’s holdings in Wells Fargo & were worth $5,488,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of WFC. Canada Pension Plan Investment Board lifted its stake in Wells Fargo & by 83.9% in the first quarter. Canada Pension Plan Investment Board now owns 7,972,116 shares of the financial services provider’s stock valued at $443,728,000 after purchasing an additional 3,637,100 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in Wells Fargo & by 49.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 9,713,557 shares of the financial services provider’s stock valued at $540,657,000 after purchasing an additional 3,214,592 shares during the last quarter. APG Asset Management N.V. lifted its stake in Wells Fargo & by 38.8% in the second quarter. APG Asset Management N.V. now owns 9,587,279 shares of the financial services provider’s stock valued at $531,231,000 after purchasing an additional 2,681,497 shares during the last quarter. Boston Partners lifted its stake in Wells Fargo & by 50.0% in the first quarter. Boston Partners now owns 7,948,841 shares of the financial services provider’s stock valued at $442,432,000 after purchasing an additional 2,648,763 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new position in Wells Fargo & in the first quarter valued at approximately $90,858,000. Institutional investors and hedge funds own 75.02% of the company’s stock.
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Shares of Wells Fargo & Company (NYSE:WFC) opened at 55.87 on Friday. The stock’s 50 day moving average is $53.67 and its 200-day moving average is $53.49. Wells Fargo & Company has a 12-month low of $44.49 and a 12-month high of $59.99. The stock has a market capitalization of $275.32 billion, a price-to-earnings ratio of 14.44 and a beta of 0.97.
Wells Fargo & (NYSE:WFC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.84 EPS for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). The company had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $22.30 billion. Wells Fargo & had a return on equity of 12.59% and a net margin of 22.00%. Wells Fargo &’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 earnings per share. On average, analysts expect that Wells Fargo & Company will post $3.95 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 3rd will be paid a $0.39 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $1.56 dividend on an annualized basis and a yield of 2.79%. Wells Fargo &’s dividend payout ratio is currently 40.31%.
Several research firms recently commented on WFC. Buckingham Research reiterated a “neutral” rating and issued a $62.00 price objective (up previously from $60.00) on shares of Wells Fargo & in a research note on Monday, July 10th. Vetr upgraded Wells Fargo & from a “sell” rating to a “hold” rating and set a $54.49 target price on the stock in a research report on Tuesday. Keefe, Bruyette & Woods restated an “overweight” rating on shares of Wells Fargo & in a research report on Thursday, July 13th. Piper Jaffray Companies restated a “hold” rating on shares of Wells Fargo & in a research report on Sunday, July 30th. Finally, BidaskClub downgraded Wells Fargo & from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Six equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Wells Fargo & has an average rating of “Hold” and a consensus price target of $57.20.
Wells Fargo & Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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