Wells Fargo & Co (NYSE:WFC) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp grew its stake in shares of Wells Fargo & Co (NYSE:WFC) by 17.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,350,260 shares of the financial services provider’s stock after acquiring an additional 197,827 shares during the period. Van ECK Associates Corp’s holdings in Wells Fargo & Co were worth $63,894,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Daily Journal Corp lifted its position in shares of Wells Fargo & Co by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after acquiring an additional 157,588,200 shares during the period. Geode Capital Management LLC raised its position in shares of Wells Fargo & Co by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock worth $2,375,189,000 after purchasing an additional 2,114,810 shares during the last quarter. Sanders Capital LLC raised its position in shares of Wells Fargo & Co by 2.9% during the 2nd quarter. Sanders Capital LLC now owns 17,546,738 shares of the financial services provider’s stock worth $915,731,000 after purchasing an additional 487,700 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt raised its position in shares of Wells Fargo & Co by 5.8% during the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 14,590,000 shares of the financial services provider’s stock worth $704,989,000 after purchasing an additional 800,000 shares during the last quarter. Finally, Pzena Investment Management LLC raised its position in shares of Wells Fargo & Co by 30.5% during the 2nd quarter. Pzena Investment Management LLC now owns 9,818,873 shares of the financial services provider’s stock worth $464,629,000 after purchasing an additional 2,296,184 shares during the last quarter. Institutional investors own 76.34% of the company’s stock.

WFC has been the subject of several research reports. UBS Group cut their price objective on 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. Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $54.00 to $47.00 in a research report on Wednesday, July 17th. BMO Capital Markets cut their price objective on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Wolfe Research downgraded Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, July 10th. Finally, Citigroup downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $56.00 to $51.00 in a research report on Friday, July 12th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $51.12.

WFC stock traded down $1.20 during midday trading on Friday, hitting $44.42. The stock had a trading volume of 17,855,087 shares, compared to its average volume of 20,244,970. The firm has a market cap of $201.01 billion, a PE ratio of 9.43, a price-to-earnings-growth ratio of 0.89 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 12-month low of $43.02 and a 12-month high of $59.48. The company’s 50-day moving average price is $46.63 and its 200 day moving average price is $47.48.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. The firm 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%. Wells Fargo & Co’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 EPS. As a group, sell-side analysts anticipate that Wells Fargo & Co will post 4.8 EPS for the current year.

The company also recently announced 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. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.59%. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s payout ratio is presently 46.58%.

Wells Fargo & Co announced that its board has approved a stock buyback program on Thursday, June 27th that permits the company to repurchase $23.10 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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