Zeke Capital Advisors LLC lifted its position in shares of Wells Fargo & Co (NYSE:WFC) by 15.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 238,177 shares of the financial services provider’s stock after buying an additional 31,944 shares during the period. Wells Fargo & Co makes up about 1.1% of Zeke Capital Advisors LLC’s holdings, making the stock its 15th biggest holding. Zeke Capital Advisors LLC’s holdings in Wells Fargo & Co were worth $11,271,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in WFC. Orrstown Financial Services Inc. boosted its position in 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 purchasing an additional 287 shares during the period. Evolution Wealth Advisors LLC purchased a new stake in Wells Fargo & Co during the 2nd quarter worth $25,000. Horan Capital Advisors LLC. purchased a new stake in Wells Fargo & Co during the 1st quarter worth $27,000. Brand Asset Management Group Inc. boosted its position in 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 period. Finally, Nalls Sherbakoff Group LLC purchased a new stake in Wells Fargo & Co during the 4th quarter worth $32,000. Institutional investors and hedge funds own 75.37% of the company’s stock.
NYSE:WFC traded up $0.38 on Friday, reaching $47.44. The stock had a trading volume of 20,157,522 shares, compared to its average volume of 19,834,826. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The stock’s 50-day moving average price is $47.04. The company has a market cap 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 has a 12-month low of $43.02 and a 12-month high of $59.53.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.14. The company 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 firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $0.98 EPS. As a group, equities analysts predict that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
Wells Fargo & Co declared that its Board of Directors has approved a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be given a $0.51 dividend. 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%. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.
In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the transaction, the insider now directly owns 3,066 shares of the company’s stock, valued at approximately $142,599.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.08% of the company’s stock.
A number of brokerages recently weighed in on WFC. Bank of America cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating in a research report on Monday, April 15th. Goldman Sachs Group cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $58.00 to $48.00 in a research report on Friday, April 12th. Raymond James reaffirmed a “hold” rating on shares of Wells Fargo & Co in a research report on Friday, April 12th. Odeon Capital Group raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 26th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price 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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