Focused Investors LLC cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 19.0% during the second quarter, Holdings Channel reports. The fund owned 840,300 shares of the financial services provider’s stock after selling 196,600 shares during the period. Wells Fargo & makes up approximately 2.0% of Focused Investors LLC’s investment portfolio, making the stock its 22nd largest position. Focused Investors LLC’s holdings in Wells Fargo & were worth $46,561,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of WFC. Dodge & Cox bought a new stake in shares of Wells Fargo & during the fourth quarter valued at $3,942,119,000. Norges Bank bought a new stake in shares of Wells Fargo & during the fourth quarter valued at $2,800,566,000. Harris Associates L P increased its stake in shares of Wells Fargo & by 1.2% in the first quarter. Harris Associates L P now owns 23,796,125 shares of the financial services provider’s stock valued at $1,324,492,000 after buying an additional 286,710 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Wells Fargo & by 3.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 14,311,805 shares of the financial services provider’s stock valued at $796,596,000 after buying an additional 423,113 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Wells Fargo & by 0.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,415,854 shares of the financial services provider’s stock valued at $746,726,000 after buying an additional 93,236 shares in the last quarter. 75.85% of the stock is owned by institutional investors and hedge funds.
Shares of Wells Fargo & Company (NYSE WFC) traded down 1.02% during mid-day trading on Thursday, reaching $52.25. The company’s stock had a trading volume of 7,239,668 shares. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99. The company has a market capitalization of $259.37 billion, a PE ratio of 12.87 and a beta of 0.95. The firm’s 50 day moving average is $54.30 and its 200-day moving average is $55.04.
Wells Fargo & (NYSE:WFC) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.05. The firm had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. Wells Fargo &’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 earnings per share. Analysts forecast that Wells Fargo & Company will post $4.17 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.96%. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, August 2nd. Wells Fargo &’s payout ratio is presently 38.42%.
Wells Fargo & declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $11.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
Several equities research analysts recently weighed in on WFC shares. Berenberg Bank downgraded Wells Fargo & from a “hold” rating to a “sell” rating and increased their price target for the stock from $35.00 to $45.00 in a report on Friday, July 21st. Evercore ISI reaffirmed an “outperform” rating and set a $64.00 price target on shares of Wells Fargo & in a report on Tuesday, April 18th. Vining Sparks raised Wells Fargo & to a “strong-buy” rating and set a $65.00 price target for the company in a report on Thursday, April 27th. Keefe, Bruyette & Woods reaffirmed an “overweight” rating on shares of Wells Fargo & in a report on Thursday, July 13th. Finally, Buckingham Research reaffirmed a “neutral” rating and set a $62.00 price target (up from $60.00) on shares of Wells Fargo & in a report on Monday, July 10th. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Wells Fargo & presently has a consensus rating of “Hold” and a consensus target price of $55.87.
In related news, insider Hope A. Hardison sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $52.07, for a total transaction of $1,041,400.00. Following the transaction, the insider now directly owns 109 shares of the company’s stock, valued at $5,675.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Petros G. Pelos sold 24,708 shares of the company’s stock in a transaction on Monday, June 12th. The shares were 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. Insiders have sold 131,278 shares of company stock worth $6,940,120 over the last three months. 0.22% of the stock is owned by 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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