Watch Point Trust Co Decreases Stake in Wells Fargo & Co (NYSE:WFC)

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Watch Point Trust Co lowered its position in shares of Wells Fargo & Co (NYSE:WFC) by 3.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 27,292 shares of the financial services provider’s stock after selling 937 shares during the quarter. Watch Point Trust Co’s holdings in Wells Fargo & Co were worth $1,292,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the company. Executive Wealth Management LLC grew its holdings in shares of Wells Fargo & Co by 56.4% during the 2nd quarter. Executive Wealth Management LLC now owns 1,695 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 611 shares during the period. Hartford Financial Management Inc. lifted its position in Wells Fargo & Co by 1.1% during the 2nd quarter. Hartford Financial Management Inc. now owns 53,558 shares of the financial services provider’s stock worth $2,534,000 after acquiring an additional 587 shares in the last quarter. Milestone Group Inc. lifted its position in Wells Fargo & Co by 22.6% during the 2nd quarter. Milestone Group Inc. now owns 5,939 shares of the financial services provider’s stock worth $281,000 after acquiring an additional 1,095 shares in the last quarter. Banyan Capital Management Inc. lifted its position in Wells Fargo & Co by 3.7% during the 2nd quarter. Banyan Capital Management Inc. now owns 138,207 shares of the financial services provider’s stock worth $6,540,000 after acquiring an additional 4,881 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in Wells Fargo & Co by 7.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,557,443 shares of the financial services provider’s stock worth $72,988,000 after acquiring an additional 103,003 shares in the last quarter. Institutional investors and hedge funds own 76.89% of the company’s stock.

Several research firms recently commented on WFC. Odeon Capital Group raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Buckingham Research reduced their price target on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Citigroup lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $56.00 to $51.00 in a research report on Friday, July 12th. BMO Capital Markets reduced their price target on Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. reduced their price target on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. Wells Fargo & Co has a consensus rating of “Hold” and a consensus price target of $51.12.

Shares of WFC traded down $0.07 during trading on Thursday, reaching $43.90. The company’s stock had a trading volume of 618,278 shares, compared to its average volume of 22,285,064. The business’s fifty day moving average price is $47.06. Wells Fargo & Co has a twelve month low of $43.02 and a twelve month high of $59.53. The company has a market cap of $200.13 billion, a P/E ratio of 10.02, a price-to-earnings-growth ratio of 0.88 and a beta of 1.08. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same period in the prior year, the company posted $0.98 EPS. Wells Fargo & Co’s quarterly revenue was up .1% on a year-over-year basis. On average, analysts anticipate that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.

Wells Fargo & Co declared that its Board of Directors has initiated a share buyback plan on Thursday, June 27th that allows the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.65%. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is presently 46.58%.

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.

Further Reading: Margin

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

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