Coconut Grove Bank boosted its position in Wells Fargo & Company (NYSE:WFC) by 24.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,943 shares of the financial services provider’s stock after buying an additional 1,740 shares during the period. Coconut Grove Bank’s holdings in Wells Fargo & were worth $498,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Alexandria Capital LLC increased its position in 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. Rocky Mountain Advisers LLC increased its position in 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. Gradient Investments LLC increased its position in Wells Fargo & by 58.6% in the first quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock valued at $139,000 after buying an additional 921 shares during the period. Baystate Wealth Management LLC increased its position in Wells Fargo & by 125.6% in the first quarter. Baystate Wealth Management LLC now owns 3,460 shares of the financial services provider’s stock valued at $184,000 after buying an additional 1,926 shares during the period. Finally, Bank of Stockton bought a new position in Wells Fargo & during the first quarter valued at $200,000. Hedge funds and other institutional investors own 75.97% of the company’s stock.
Shares of Wells Fargo & Company (WFC) traded up 0.26% during mid-day trading on Tuesday, hitting $54.08. 19,349,244 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $54.49 and a 200-day moving average price of $55.12. The stock has a market cap of $36.34 billion, a P/E ratio of 13.52 and a beta of 0.95. Wells Fargo & Company has a 1-year low of $43.55 and a 1-year high of $59.99.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. The company had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The business’s revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 EPS. Equities research analysts anticipate that Wells Fargo & Company will post $4.17 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $1.56 annualized dividend and a dividend yield of 2.88%. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s payout ratio is currently 37.44%.
Wells Fargo & announced that its board has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
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Several equities analysts have recently commented on WFC shares. Evercore ISI lowered their price objective on Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, May 12th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $40.00 target price (up from $36.00) on shares of Wells Fargo & in a report on Friday, April 14th. Zacks Investment Research raised Wells Fargo & from a “sell” rating to a “hold” rating in a report on Monday, July 10th. BidaskClub raised Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a research note on Monday, July 3rd. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $55.87.
In related news, insider David M. Carroll sold 27,582 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $53.28, for a total transaction of $1,469,568.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ronald Sargent purchased 9,050 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The shares were bought at an average price of $55.15 per share, with a total value of $499,107.50. Following the completion of the acquisition, the director now owns 81 shares of the company’s stock, valued at approximately $4,467.15. The disclosure for this purchase can be found here. Insiders sold a total of 131,278 shares of company stock worth $6,940,120 in the last ninety days. Corporate insiders own 0.22% of the company’s stock.
Wells Fargo & Company Profile
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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