BlueMar Capital Management LLC lowered its stake in Wells Fargo & Company (NYSE:WFC) by 51.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,377 shares of the financial services provider’s stock after selling 51,023 shares during the period. Wells Fargo & accounts for about 1.6% of BlueMar Capital Management LLC’s holdings, making the stock its 26th largest position. BlueMar Capital Management LLC’s holdings in Wells Fargo & were worth $2,637,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently modified their holdings of the company. Alexandria Capital LLC raised 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 worth $102,000 after buying an additional 6 shares in the last quarter. Brick & Kyle Associates raised 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 worth $103,000 after buying an additional 162 shares in the last quarter. Signature Estate & Investment Advisors LLC bought a new position in Wells Fargo & during the first quarter worth about $124,000. Gradient Investments LLC raised 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 worth $139,000 after buying an additional 921 shares in the last quarter. Finally, Winch Advisory Services LLC raised 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 worth $153,000 after buying an additional 18 shares in the last quarter. 75.85% of the stock is currently owned by institutional investors.
Wells Fargo & Company (WFC) traded down 0.369% during mid-day trading on Thursday, reaching $52.595. 3,216,883 shares of the company’s stock traded hands. The company has a market capitalization of $261.08 billion, a price-to-earnings ratio of 12.954 and a beta of 0.95. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99. The company has a 50-day moving average of $54.30 and a 200-day moving average of $55.04.
Wells Fargo & (NYSE:WFC) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.05. The business had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 EPS. Equities research analysts expect that Wells Fargo & Company will post $4.17 EPS for the current year.
Wells Fargo & announced that its board has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be given a $0.39 dividend. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $1.56 dividend on an annualized basis and a yield of 2.96%. Wells Fargo &’s dividend payout ratio is presently 38.42%.
A number of equities analysts recently issued reports on WFC shares. Vining Sparks raised Wells Fargo & to a “strong-buy” rating and set a $65.00 price target on the stock in a report on Thursday, April 27th. Credit Suisse Group reissued an “outperform” rating and set a $40.00 price target (up previously from $36.00) on shares of Wells Fargo & in a report on Friday, April 14th. Jefferies Group LLC reissued a “hold” rating and set a $62.00 price target on shares of Wells Fargo & in a report on Monday, May 8th. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a report on Monday, July 3rd. Finally, Vetr lowered Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 price target on the stock. in a report on Thursday, May 4th. Six research analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $55.87.
In other Wells Fargo & news, insider David M. Carroll sold 27,582 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $53.28, for a total value of $1,469,568.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Petros G. Pelos sold 24,708 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $54.07, for a total transaction of $1,335,961.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 131,278 shares of company stock valued at $6,940,120. Insiders own 0.22% of the company’s stock.
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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