Hallmark Capital Management Inc. boosted its position in shares of Wells Fargo & Co. (NYSE:WFC) by 7.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 277,741 shares of the financial services provider’s stock after buying an additional 19,074 shares during the period. Wells Fargo & Co. makes up approximately 2.0% of Hallmark Capital Management Inc.’s holdings, making the stock its 25th largest position. Hallmark Capital Management Inc.’s holdings in Wells Fargo & Co. were worth $13,146,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in WFC. Brick & Kyle Associates raised its stake in Wells Fargo & Co. by 10.6% in the first quarter. Brick & Kyle Associates now owns 3,153 shares of the financial services provider’s stock valued at $152,000 after buying an additional 303 shares during the period. Tradewinds Capital Management LLC raised its stake in Wells Fargo & Co. by 4.7% in the second quarter. Tradewinds Capital Management LLC now owns 3,253 shares of the financial services provider’s stock valued at $154,000 after buying an additional 147 shares during the period. Gemmer Asset Management LLC raised its stake in Wells Fargo & Co. by 6.7% in the second quarter. Gemmer Asset Management LLC now owns 3,735 shares of the financial services provider’s stock valued at $177,000 after buying an additional 234 shares during the period. Ironwood Financial llc bought a new stake in Wells Fargo & Co. during the first quarter valued at approximately $182,000. Finally, Cypress Capital Management LLC WY bought a new stake in Wells Fargo & Co. during the second quarter valued at approximately $190,000. 73.98% of the stock is currently owned by institutional investors and hedge funds.
Shares of Wells Fargo & Co. (NYSE:WFC) traded down 1.96% during mid-day trading on Thursday, reaching $44.42. The company’s stock had a trading volume of 34,065,171 shares. Wells Fargo & Co. has a 52 week low of $44.21 and a 52 week high of $56.34. The firm has a market capitalization of $224.12 billion, a PE ratio of 10.97 and a beta of 0.90. The firm has a 50-day moving average of $47.96 and a 200-day moving average of $48.47.
Wells Fargo & Co. (NYSE:WFC) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. The business earned $22.20 billion during the quarter. Wells Fargo & Co. had a return on equity of 12.95% and a net margin of 24.33%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.03 earnings per share. Equities research analysts forecast that Wells Fargo & Co. will post $4.02 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, August 3rd. This represents a $1.52 annualized dividend and a yield of 3.35%. Wells Fargo & Co.’s dividend payout ratio is currently 37.25%.
Several analysts recently commented on the company. JPMorgan Chase & Co. lowered Wells Fargo & Co. from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $53.50 to $48.00 in a report on Wednesday, September 21st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $57.00 target price on shares of Wells Fargo & Co. in a report on Friday, September 9th. Vetr lowered Wells Fargo & Co. from a “strong-buy” rating to a “buy” rating and set a $51.06 target price on the stock. in a report on Wednesday, July 6th. Raymond James Financial Inc. reaffirmed a “market perform” rating on shares of Wells Fargo & Co. in a report on Thursday, July 7th. Finally, Bank of America Corp. set a $50.00 price target on Wells Fargo & Co. and gave the stock a “buy” rating in a research report on Monday, September 19th. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $50.46.
In related news, COO Timothy J. Sloan sold 20,500 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $48.92, for a total value of $1,002,860.00. Following the completion of the sale, the chief operating officer now directly owns 650,815 shares in the company, valued at approximately $31,837,869.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.
Wells Fargo & Co. Company Profile
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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