Private Capital Management Inc. boosted its position in Wells Fargo & Company (NYSE:WFC) by 2.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 28,600 shares of the financial services provider’s stock after buying an additional 550 shares during the period. Wells Fargo & accounts for 1.8% of Private Capital Management Inc.’s holdings, making the stock its 2nd largest position. Private Capital Management Inc.’s holdings in Wells Fargo & were worth $1,585,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Aldebaran Financial Inc. boosted its stake in Wells Fargo & by 8.0% in the fourth quarter. Aldebaran Financial Inc. now owns 5,278 shares of the financial services provider’s stock worth $291,000 after buying an additional 392 shares during the period. Wealthfront Inc. boosted its stake in Wells Fargo & by 138.9% in the fourth quarter. Wealthfront Inc. now owns 44,339 shares of the financial services provider’s stock worth $2,444,000 after buying an additional 25,783 shares during the period. Orbis Allan Gray Ltd boosted its stake in Wells Fargo & by 31.9% in the fourth quarter. Orbis Allan Gray Ltd now owns 7,009,858 shares of the financial services provider’s stock worth $386,313,000 after buying an additional 1,693,606 shares during the period. Jackson Grant Investment Advisers Inc. boosted its stake in Wells Fargo & by 37.1% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 4,904 shares of the financial services provider’s stock worth $270,000 after buying an additional 1,326 shares during the period. Finally, HighPoint Advisor Group LLC boosted its stake in Wells Fargo & by 4.0% in the fourth quarter. HighPoint Advisor Group LLC now owns 24,736 shares of the financial services provider’s stock worth $1,478,000 after buying an additional 942 shares during the period. 76.05% of the stock is currently owned by institutional investors and hedge funds.
Wells Fargo & Company (NYSE WFC) traded down 0.23% during mid-day trading on Friday, hitting $51.68. 17,130,641 shares of the stock were exchanged. The stock has a market capitalization of $256.54 billion, a P/E ratio of 12.73 and a beta of 0.95. Wells Fargo & Company has a 12-month low of $43.55 and a 12-month high of $59.99. The firm has a 50-day moving average price of $54.06 and a 200-day moving average price of $54.86. Wells Fargo & also was the recipient of some unusual options trading on Thursday. Stock investors bought 27,464 put options on the company. This is an increase of 155% compared to the average volume of 10,758 put options.
Wells Fargo & (NYSE:WFC) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The firm 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 firm posted $1.01 EPS. The company’s revenue for the quarter was up .2% on a year-over-year basis. Equities analysts predict that Wells Fargo & Company will post $4.17 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.02%. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date is Wednesday, August 2nd. Wells Fargo &’s dividend payout ratio is currently 38.42%.
Wells Fargo & announced that its board has initiated a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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A number of analysts recently weighed in on WFC shares. Guggenheim raised shares of Wells Fargo & from a “sell” rating to a “neutral” rating and dropped their price objective for the stock from $54.04 to $53.65 in a report on Tuesday, April 25th. Vining Sparks raised shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 price objective on the stock in a report on Thursday, April 27th. Vetr cut shares of Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 price objective on the stock. in a report on Thursday, May 4th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $62.00 price objective on shares of Wells Fargo & in a report on Monday, May 8th. Finally, Evercore ISI dropped their price objective on shares of Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, May 12th. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $55.87.
In other Wells Fargo & news, insider Hope A. Hardison sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $52.07, for a total value of $1,041,400.00. Following the transaction, the insider now directly owns 109 shares of the company’s stock, valued at approximately $5,675.63. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Petros G. Pelos sold 24,708 shares of the company’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $54.07, for a total value of $1,335,961.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 131,278 shares of company stock worth $6,940,120. 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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