Cadinha & Co. LLC boosted its stake in Wells Fargo & Company (NYSE:WFC) by 1.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 39,341 shares of the financial services provider’s stock after buying an additional 419 shares during the quarter. Cadinha & Co. LLC’s holdings in Wells Fargo & were worth $2,180,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Waldron LP raised its holdings in Wells Fargo & by 180.7% in the 1st quarter. Waldron LP now owns 24,153 shares of the financial services provider’s stock valued at $1,340,000 after acquiring an additional 15,549 shares during the last quarter. Mycio Wealth Partners LLC raised its holdings in Wells Fargo & by 8.4% in the 1st quarter. Mycio Wealth Partners LLC now owns 29,184 shares of the financial services provider’s stock valued at $1,624,000 after acquiring an additional 2,265 shares during the last quarter. Dubuque Bank & Trust Co. raised its holdings in Wells Fargo & by 15.9% in the 1st quarter. Dubuque Bank & Trust Co. now owns 125,405 shares of the financial services provider’s stock valued at $6,980,000 after acquiring an additional 17,240 shares during the last quarter. Duncker Streett & Co. Inc. raised its holdings in Wells Fargo & by 2.9% in the 1st quarter. Duncker Streett & Co. Inc. now owns 47,606 shares of the financial services provider’s stock valued at $2,650,000 after acquiring an additional 1,356 shares during the last quarter. Finally, Adviser Investments LLC acquired a new position in Wells Fargo & in the 1st quarter valued at $5,588,000. 75.02% of the stock is currently owned by hedge funds and other institutional investors.
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Wells Fargo & Company (WFC) opened at 55.42 on Wednesday. Wells Fargo & Company has a 1-year low of $44.49 and a 1-year high of $59.99. The firm has a market cap of $273.10 billion, a price-to-earnings ratio of 14.32 and a beta of 0.97. The company’s 50 day moving average is $53.53 and its 200-day moving average is $53.48.
Wells Fargo & (NYSE:WFC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). Wells Fargo & had a return on equity of 12.59% and a net margin of 22.00%. The company had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $22.30 billion. During the same period in the prior year, the firm posted $1.03 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis. On average, analysts predict that Wells Fargo & Company will post $3.96 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 3rd will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.81%. Wells Fargo &’s dividend payout ratio is presently 40.31%.
Wells Fargo & announced that its board has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $11.50 billion in shares. This buyback authorization allows the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
WFC has been the subject of a number of research analyst reports. Deutsche Bank AG restated a “buy” rating on shares of Wells Fargo & in a report on Monday, July 3rd. Zacks Investment Research upgraded Wells Fargo & from a “sell” rating to a “hold” rating in a report on Monday, July 10th. Goldman Sachs Group, Inc. (The) restated a “buy” rating on shares of Wells Fargo & in a report on Wednesday, October 11th. Buckingham Research restated a “neutral” rating and set a $62.00 price objective (up from $60.00) on shares of Wells Fargo & in a report on Monday, July 10th. Finally, Robert W. Baird restated a “buy” rating and set a $58.00 price objective on shares of Wells Fargo & in a report on Friday, October 6th. Six equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $57.20.
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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