Cohen Lawrence B decreased its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 3.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,554 shares of the financial services provider’s stock after selling 690 shares during the quarter. Cohen Lawrence B’s holdings in Wells Fargo & Co were worth $973,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of WFC. Orrstown Financial Services Inc. boosted its position in Wells Fargo & Co by 125.9% during the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 287 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co in the second quarter worth about $25,000. Horan Capital Advisors LLC. acquired a new stake in shares of Wells Fargo & Co in the first quarter worth about $27,000. Brand Asset Management Group Inc. lifted its position in shares of Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after buying an additional 242 shares during the last quarter. Finally, Nalls Sherbakoff Group LLC acquired a new stake in shares of Wells Fargo & Co in the fourth quarter worth about $32,000. Institutional investors and hedge funds own 76.89% of the company’s stock.
Several research firms recently weighed in on WFC. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price objective for the company. in a research report on Thursday, June 27th. Buckingham Research cut their price objective on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Citigroup cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $56.00 to $51.00 in a research report on Friday, July 12th. Atlantic Securities cut Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective for the company. in a research report on Tuesday, June 11th. Finally, Odeon Capital Group raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the stock. Wells Fargo & Co presently has an average rating of “Hold” and a consensus target price of $51.12.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same period in the prior year, the company posted $0.98 EPS. The company’s revenue was up .1% compared to the same quarter last year. On average, research analysts expect that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, August 8th. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 dividend on an annualized basis and a yield of 4.44%. Wells Fargo & Co’s dividend payout ratio is 46.58%.
Wells Fargo & Co announced that its board has approved a share buyback program on Thursday, June 27th that allows the company to buyback $23.10 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Wells Fargo & Co Company Profile
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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