DekaBank Deutsche Girozentrale Buys 103,003 Shares of Wells Fargo & Co (NYSE:WFC)

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DekaBank Deutsche Girozentrale raised its stake in Wells Fargo & Co (NYSE:WFC) by 7.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,557,443 shares of the financial services provider’s stock after acquiring an additional 103,003 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Wells Fargo & Co were worth $72,988,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Grove Bank & Trust increased its position in Wells Fargo & Co by 1.5% during the 1st quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock valued at $710,000 after purchasing an additional 214 shares during the period. Legacy Bridge LLC increased its position in Wells Fargo & Co by 1.2% during the 1st quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock valued at $928,000 after purchasing an additional 230 shares during the period. Telos Capital Management Inc. increased its position in Wells Fargo & Co by 4.3% during the 1st quarter. Telos Capital Management Inc. now owns 5,624 shares of the financial services provider’s stock valued at $272,000 after purchasing an additional 234 shares during the period. Augustine Asset Management Inc. increased its position in Wells Fargo & Co by 1.6% during the 1st quarter. Augustine Asset Management Inc. now owns 15,182 shares of the financial services provider’s stock valued at $733,000 after purchasing an additional 241 shares during the period. Finally, Brand Asset Management Group Inc. increased its position in Wells Fargo & Co by 96.8% during the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 242 shares during the period. 76.89% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Co stock opened at $45.96 on Wednesday. The company has a market cap of $204.00 billion, a PE ratio of 10.49, a price-to-earnings-growth ratio of 0.90 and a beta of 1.08. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53. The stock’s 50 day simple moving average is $47.11. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.14. The firm had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.98 EPS. Sell-side analysts expect that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.

Wells Fargo & Co declared that its Board of Directors has initiated a share repurchase program on Thursday, June 27th that permits the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.44%. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is presently 46.58%.

A number of research firms have weighed in on WFC. Atlantic Securities downgraded shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 target price for the company. in a research report on Tuesday, June 11th. JPMorgan Chase & Co. decreased their target price on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research report on Tuesday, July 9th. BMO Capital Markets decreased their target price on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Citigroup downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their target price for the company from $56.00 to $51.00 in a research report on Friday, July 12th. Finally, Wolfe Research downgraded shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, July 10th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the stock. Wells Fargo & Co currently has a consensus rating of “Hold” and an average price target of $51.12.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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