Quilter Investors LTD Sells 57,000 Shares of Wells Fargo & Co (NYSE:WFC)

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Quilter Investors LTD trimmed its holdings in Wells Fargo & Co (NYSE:WFC) by 52.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,287 shares of the financial services provider’s stock after selling 57,000 shares during the quarter. Wells Fargo & Co comprises about 2.3% of Quilter Investors LTD’s investment portfolio, making the stock its 18th biggest holding. Quilter Investors LTD’s holdings in Wells Fargo & Co were worth $2,426,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of WFC. Grove Bank & Trust raised its stake in Wells Fargo & Co by 1.5% during the 1st quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock worth $710,000 after acquiring an additional 214 shares during the period. Legacy Bridge LLC raised its position in shares of Wells Fargo & Co by 1.2% during the first quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock valued at $928,000 after buying an additional 230 shares during the last quarter. Telos Capital Management Inc. raised its position in shares of Wells Fargo & Co by 4.3% during the first quarter. Telos Capital Management Inc. now owns 5,624 shares of the financial services provider’s stock valued at $272,000 after buying an additional 234 shares during the last quarter. Augustine Asset Management Inc. raised its position in shares of Wells Fargo & Co by 1.6% during the first quarter. Augustine Asset Management Inc. now owns 15,182 shares of the financial services provider’s stock valued at $733,000 after buying an additional 241 shares during the last quarter. Finally, Brand Asset Management Group Inc. raised its position in shares of Wells Fargo & Co by 96.8% during 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 during the last quarter. Institutional investors own 76.89% of the company’s stock.

Several brokerages recently weighed in on WFC. BMO Capital Markets reduced their price target on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $54.00 to $47.00 in a research note on Wednesday, July 17th. Buckingham Research dropped their price objective on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. JPMorgan Chase & Co. dropped their price objective on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research note on Tuesday, July 9th. Finally, UBS Group dropped their price objective on shares of Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Five equities research 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 an average rating of “Hold” and a consensus price target of $51.12.

Shares of WFC traded up $1.01 during trading hours on Friday, reaching $44.39. 20,970,400 shares of the company traded hands, compared to its average volume of 21,882,390. The firm has a market cap of $191.14 billion, a price-to-earnings ratio of 10.13, a PEG ratio of 0.85 and a beta of 1.08. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $59.53. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The stock’s fifty day moving average price is $46.98 and its 200 day moving average price is $47.60.

Wells Fargo & Co (NYSE:WFC) last issued 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. The firm had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The business’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 earnings per share. On average, research analysts forecast that Wells Fargo & Co will post 4.8 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be paid a dividend of $0.51 per share. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date of this dividend is Thursday, August 8th. Wells Fargo & Co’s payout ratio is currently 46.58%.

Wells Fargo & Co announced that its Board of Directors has initiated a share buyback plan on Thursday, June 27th that authorizes the company to buyback $23.10 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Wells Fargo & Co Company Profile

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

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