Asset Dedication LLC reduced its stake in Wells Fargo & Company (NYSE:WFC) by 3.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the company. Dodge & Cox acquired a new stake in Wells Fargo & during the fourth quarter valued at $3,942,119,000. Norges Bank acquired a new stake in Wells Fargo & during the fourth quarter valued at $2,800,566,000. Harris Associates L P boosted its stake in Wells Fargo & by 1.2% in the first quarter. Harris Associates L P now owns 23,796,125 shares of the financial services provider’s stock valued at $1,324,492,000 after buying an additional 286,710 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in Wells Fargo & by 3.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 14,311,805 shares of the financial services provider’s stock valued at $796,596,000 after buying an additional 423,113 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Wells Fargo & by 0.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,415,854 shares of the financial services provider’s stock valued at $746,726,000 after buying an additional 93,236 shares during the period. Institutional investors and hedge funds own 76.05% of the company’s stock.
Wells Fargo & Company (NYSE WFC) traded down 0.23% during trading on Friday, hitting $51.68. The stock had a trading volume of 17,130,641 shares. The firm has a market cap of $256.54 billion, a PE ratio of 12.73 and a beta of 0.95. The company’s 50 day moving average is $54.06 and its 200 day moving average is $54.86. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99. Wells Fargo & also was the target of unusually large options trading activity on Thursday. Traders purchased 27,464 put options on the stock. This is an increase of 155% compared to the typical daily volume of 10,758 put options.
Wells Fargo & (NYSE:WFC) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $22.23 billion. During the same period in the prior year, the company posted $1.01 EPS. The company’s revenue for the quarter was up .2% on a year-over-year basis. Equities research analysts forecast that Wells Fargo & Company will post $4.17 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors 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 is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.02%. Wells Fargo &’s dividend payout ratio (DPR) is currently 38.42%.
Wells Fargo & declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
WARNING: “Asset Dedication LLC Sells 336 Shares of Wells Fargo & Company (NYSE:WFC)” was first published by StockNewsTimes and is the property of of StockNewsTimes. If you are viewing this news story on another site, it was stolen and reposted in violation of international trademark & copyright law. The original version of this news story can be read at https://stocknewstimes.com/2017/08/19/asset-dedication-llc-has-566000-position-in-wells-fargo-company-nysewfc-updated-updated-updated.html.
Several equities research analysts have weighed in on WFC shares. Berenberg Bank cut Wells Fargo & from a “hold” rating to a “sell” rating and increased their price objective for the stock from $35.00 to $45.00 in a report on Friday, July 21st. Vining Sparks raised Wells Fargo & to a “strong-buy” rating and set a $65.00 target price for the company in a research report on Thursday, April 27th. Keefe, Bruyette & Woods reissued an “overweight” rating on shares of Wells Fargo & in a research report on Thursday, July 13th. Buckingham Research reissued a “neutral” rating and issued a $62.00 target price (up previously from $60.00) on shares of Wells Fargo & in a research report on Monday, July 10th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $62.00 target price on shares of Wells Fargo & in a research report on Thursday, June 8th. 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 issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $55.87.
In related news, insider Mary T. Mack sold 38,988 shares of the firm’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $52.58, for a total value of $2,049,989.04. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael J. Loughlin sold 20,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $52.16, for a total transaction of $1,043,200.00. Following the completion of the transaction, the insider now directly owns 7 shares in the company, valued at $365.12. The disclosure for this sale can be found here. Insiders sold a total of 131,278 shares of company stock worth $6,940,120 over the last ninety days. 0.22% of the stock is currently owned by corporate insiders.
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.
Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.
