Dynamic Capital Management Ltd decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 56.9% during the first quarter, Holdings Channel reports. The firm owned 33,966 shares of the financial services provider’s stock after selling 44,913 shares during the period. Dynamic Capital Management Ltd’s holdings in Wells Fargo & were worth $1,891,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in WFC. Alexandria Capital LLC boosted its position in Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after buying an additional 6 shares during the period. Brick & Kyle Associates boosted its position in Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after buying an additional 162 shares during the period. Signature Estate & Investment Advisors LLC acquired a new position in Wells Fargo & during the first quarter valued at approximately $124,000. Gradient Investments LLC boosted its position in Wells Fargo & by 58.6% in the first quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock valued at $139,000 after buying an additional 921 shares during the period. Finally, Winch Advisory Services LLC boosted its position in Wells Fargo & by 0.7% in the first quarter. Winch Advisory Services LLC now owns 2,756 shares of the financial services provider’s stock valued at $153,000 after buying an additional 18 shares during the period. Institutional investors own 75.85% of the company’s stock.
Shares of Wells Fargo & Company (NYSE WFC) traded down 0.38% on Thursday, reaching $52.59. The company had a trading volume of 1,307,744 shares. The company has a 50-day moving average price of $54.30 and a 200-day moving average price of $55.04. The firm has a market cap of $261.05 billion, a P/E ratio of 12.95 and a beta of 0.95. Wells Fargo & Company has a one year low of $43.55 and a one year high of $59.99.
Wells Fargo & (NYSE:WFC) last released its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. The company had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The firm’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.01 earnings per share. On average, analysts expect that Wells Fargo & Company will post $4.17 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.96%. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s payout ratio is presently 38.42%.
Wells Fargo & announced that its board has authorized a share repurchase program on Wednesday, June 28th that permits the company to buyback $11.50 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Several research firms have recently commented on WFC. Evercore ISI reduced their target price on Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Friday, May 12th. Jefferies Group LLC reiterated a “hold” rating and set a $62.00 target price on shares of Wells Fargo & in a research note on Monday, May 8th. Instinet reduced their target price on Wells Fargo & from $65.00 to $64.00 and set a “buy” rating for the company in a research note on Wednesday, April 19th. Vetr cut Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 target price for the company. in a research note on Thursday, May 4th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $62.00 target price on shares of Wells Fargo & in a research note on Friday, June 23rd. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $55.87.
In other news, insider Mary T. Mack sold 38,988 shares of the business’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $52.58, for a total transaction of $2,049,989.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Petros G. Pelos sold 24,708 shares of the business’s stock in a transaction on Monday, June 12th. The stock was 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. In the last 90 days, insiders have sold 131,278 shares of company stock valued at $6,940,120. 0.22% of the stock is currently owned by corporate insiders.
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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