Asset Dedication LLC Has $566,000 Position in Wells Fargo & Company (NYSE:WFC)

Asset Dedication LLC lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.1% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 10,348 shares of the financial services provider’s stock after selling 336 shares during the period. Asset Dedication LLC’s holdings in Wells Fargo & were worth $566,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in WFC. Rocky Mountain Advisers LLC boosted its stake in shares of Wells Fargo & by 117.6% in the fourth quarter. Rocky Mountain Advisers LLC now owns 1,850 shares of the financial services provider’s stock worth $102,000 after buying an additional 1,000 shares during the period. Alexandria Capital LLC boosted its stake in shares of Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock worth $102,000 after buying an additional 6 shares during the period. Brick & Kyle Associates boosted its stake in shares of Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock worth $103,000 after buying an additional 162 shares during the period. Signature Estate & Investment Advisors LLC bought a new stake in shares of Wells Fargo & during the first quarter worth approximately $124,000. Finally, Gradient Investments LLC boosted its stake in shares of Wells Fargo & by 58.6% in the first quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock worth $139,000 after buying an additional 921 shares during the period. Hedge funds and other institutional investors own 76.00% of the company’s stock.

Wells Fargo & Company (NYSE:WFC) opened at 54.27 on Tuesday. The firm has a 50-day moving average price of $54.20 and a 200 day moving average price of $55.13. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99. The stock has a market capitalization of $269.55 billion, a price-to-earnings ratio of 13.37 and a beta of 0.95.

Wells Fargo & (NYSE:WFC) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The business had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. During the same period in the previous year, the company posted $1.01 EPS. Wells Fargo &’s revenue was up .2% on a year-over-year basis. On average, equities research analysts predict that Wells Fargo & Company will post $4.17 EPS for the current year.

Wells Fargo & announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $11.50 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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A number of research analysts have weighed in on the company. Vetr raised Wells Fargo & from a “hold” rating to a “buy” rating and set a $58.06 price target on the stock in a research note on Monday, March 27th. Instinet reduced their price target on Wells Fargo & from $65.00 to $64.00 and set a “buy” rating on the stock in a research note on Wednesday, April 19th. Keefe, Bruyette & Woods set a $62.00 price target on Wells Fargo & and gave the stock a “buy” rating in a research note on Friday, May 19th. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a research note on Monday, July 3rd. Finally, Sandler O’Neill reissued a “hold” rating and set a $59.00 price target on shares of Wells Fargo & in a research note on Tuesday, April 11th. Seven research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $55.71.

In other news, insider Petros G. Pelos sold 24,708 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $54.07, for a total transaction of $1,335,961.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Avid Modjtabai sold 100,000 shares of the business’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $54.21, for a total transaction of $5,421,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 231,278 shares of company stock worth $12,361,120. 0.22% of the stock is currently owned by corporate insiders.

About Wells Fargo &

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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