ZWJ Investment Counsel Inc. lessened its position in Wells Fargo & Co (NYSE:WFC) by 10.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,478 shares of the financial services provider’s stock after selling 2,107 shares during the period. ZWJ Investment Counsel Inc.’s holdings in Wells Fargo & Co were worth $874,000 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. increased its holdings in shares of Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 287 shares during the period. Evolution Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co in the 2nd quarter worth about $25,000. Horan Capital Advisors LLC. acquired a new stake in shares of Wells Fargo & Co in the 1st quarter worth about $27,000. Brand Asset Management Group Inc. increased its holdings in shares of Wells Fargo & Co by 96.8% in the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 242 shares during the period. Finally, Nalls Sherbakoff Group LLC acquired a new stake in shares of Wells Fargo & Co in the 4th quarter worth about $32,000. 75.37% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Petros G. Pelos sold 28,304 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the completion of the transaction, the insider now owns 3,066 shares in the company, valued at approximately $142,599.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.08% of the company’s stock.
WFC traded up $0.38 on Friday, reaching $47.44. The company had a trading volume of 20,157,522 shares, compared to its average volume of 19,834,826. The firm has a fifty day moving average of $47.04. The stock has a market cap of $211.50 billion, a P/E ratio of 9.72, a P/E/G ratio of 0.92 and a beta of 1.08. 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 one year low of $43.02 and a one year 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 the Thomson Reuters’ 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 company had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. During the same quarter last year, the firm posted $0.98 EPS. The business’s revenue for the quarter was up .1% on a year-over-year basis. Sell-side analysts forecast that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
Wells Fargo & Co declared that its board has authorized a stock buyback 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 buy up to 11.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
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 given a dividend of $0.51 per share. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 8th. This represents a $2.04 annualized dividend and a dividend yield of 4.30%. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.10%.
A number of analysts recently weighed in on WFC shares. Citigroup cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $56.00 to $51.00 in a report on Friday, July 12th. Barclays decreased their target price on shares of Wells Fargo & Co from $64.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, April 15th. UBS Group decreased their target price on shares of Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Raymond James reiterated a “hold” rating on shares of Wells Fargo & Co in a research report on Friday, April 12th. Finally, Bank of America lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating in a research report on Monday, April 15th. Five investment 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 currently has a consensus 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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