Greenleaf Trust decreased its position in shares of Wells Fargo & Co (NYSE:WFC) by 19.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,450 shares of the financial services provider’s stock after selling 8,699 shares during the quarter. Greenleaf Trust’s holdings in Wells Fargo & Co were worth $1,725,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Orrstown Financial Services Inc. grew its position in shares of Wells Fargo & Co by 125.9% during the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after buying an additional 287 shares in the last quarter. Evolution Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Co during the 2nd quarter worth $25,000. Horan Capital Advisors LLC. purchased a new stake in shares of Wells Fargo & Co during the 1st quarter worth $27,000. Brand Asset Management Group Inc. lifted its stake in shares of Wells Fargo & Co by 96.8% during the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 242 shares during the last quarter. Finally, Nalls Sherbakoff Group LLC purchased a new stake in shares of Wells Fargo & Co during the 4th quarter worth $32,000. 75.37% of the stock is currently owned by institutional investors and hedge funds.
Wells Fargo & Co stock traded up $0.38 during midday trading on Friday, reaching $47.44. The company’s stock had a trading volume of 20,157,522 shares, compared to its average volume of 19,834,826. The stock’s 50-day simple moving average is $47.04. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53. The firm has a market capitalization of $211.50 billion, a PE ratio of 9.72, a P/E/G ratio of 0.92 and a beta of 1.08.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same period last year, the business posted $0.98 earnings per share. The firm’s revenue was up .1% compared to the same quarter last year. Equities research analysts predict that Wells Fargo & Co will post 4.8 earnings per share for the current year.
Wells Fargo & Co announced that its board has approved a share repurchase plan on Thursday, June 27th that allows the company to repurchase $23.10 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be paid a $0.51 dividend. The ex-dividend date is Thursday, August 8th. 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 yield of 4.30%. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.10%.
In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the sale, the insider now directly owns 3,066 shares in the company, valued at $142,599.66. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.08% of the company’s stock.
A number of brokerages recently weighed in on WFC. Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $54.00 to $47.00 in a research note on Wednesday, July 17th. Morgan Stanley decreased their price objective on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 17th. BMO Capital Markets decreased their price objective on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company 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. Finally, Atlantic Securities cut Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective for the company. in a research note on Tuesday, June 11th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $51.12.
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.
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