Twin Capital Management Inc. lowered its stake in Wells Fargo & Co (NYSE:WFC) by 38.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,986 shares of the financial services provider’s stock after selling 79,129 shares during the period. Twin Capital Management Inc.’s holdings in Wells Fargo & Co were worth $6,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of WFC. Brand Asset Management Group Inc. boosted its stake in shares of Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after buying an additional 242 shares in the last quarter. Orrstown Financial Services Inc. boosted its stake in shares of Wells Fargo & Co by 125.9% in the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after buying an additional 287 shares in the last quarter. Evolution Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Co in the second quarter valued at approximately $25,000. Horan Capital Advisors LLC. purchased a new stake in shares of Wells Fargo & Co in the first quarter valued at approximately $27,000. Finally, Nalls Sherbakoff Group LLC purchased a new stake in shares of Wells Fargo & Co in the fourth quarter valued at approximately $32,000. 76.89% of the stock is currently owned by institutional investors.
Shares of NYSE WFC traded down $0.05 during trading on Thursday, reaching $43.92. The company had a trading volume of 11,072,304 shares, compared to its average volume of 22,285,064. Wells Fargo & Co has a twelve month low of $43.02 and a twelve month high of $59.53. The stock has a market capitalization of $200.13 billion, a PE ratio of 10.03, a PEG ratio of 0.88 and a beta of 1.08. The business’s 50-day simple moving average is $47.06. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. The company had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 earnings per share. Equities research analysts expect that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
Wells Fargo & Co announced that its board has initiated a share buyback plan on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date is Thursday, August 8th. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s payout ratio is 46.58%.
A number of research firms recently weighed in on WFC. UBS Group decreased their price target on Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Atlantic Securities downgraded Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target on the stock. in a research note on Tuesday, June 11th. BMO Capital Markets decreased their price target on Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $54.00 to $47.00 in a report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. reduced their price objective on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $51.12.
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.
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