Hartford Financial Management Inc. lifted its position in Wells Fargo & Co (NYSE:WFC) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,558 shares of the financial services provider’s stock after purchasing an additional 587 shares during the period. Hartford Financial Management Inc.’s holdings in Wells Fargo & Co were worth $2,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of WFC. Daily Journal Corp grew its holdings in shares of Wells Fargo & Co by 9,900.0% during the second quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after buying an additional 157,588,200 shares in the last quarter. Geode Capital Management LLC lifted its position in Wells Fargo & Co by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after buying an additional 2,114,810 shares during the last quarter. Norges Bank acquired a new position in Wells Fargo & Co in the fourth quarter valued at about $2,004,580,000. Legal & General Group Plc lifted its position in Wells Fargo & Co by 4.9% in the fourth quarter. Legal & General Group Plc now owns 20,391,629 shares of the financial services provider’s stock valued at $939,635,000 after buying an additional 947,264 shares during the last quarter. Finally, Sanders Capital LLC lifted its position in Wells Fargo & Co by 2.9% in the second quarter. Sanders Capital LLC now owns 17,546,738 shares of the financial services provider’s stock valued at $915,731,000 after buying an additional 487,700 shares during the last quarter. Hedge funds and other institutional investors own 76.89% of the company’s stock.
Shares of WFC opened at $45.96 on Wednesday. The firm has a market capitalization of $204.00 billion, a PE ratio of 10.49, a PEG ratio of 0.90 and a beta of 1.08. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $59.53. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. The stock’s 50-day simple moving average is $47.11.
Wells Fargo & Co announced that its board has authorized a share buyback program on Thursday, June 27th that permits the company to buyback $23.10 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be paid 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 positive change 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%.
WFC has been the topic of several research reports. Macquarie cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $54.00 to $47.00 in a research report on Wednesday, July 17th. Wolfe Research cut shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, July 10th. Buckingham Research reduced their price target on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. BMO Capital Markets reduced their price target on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Finally, Atlantic Securities cut shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target on the stock. in a research report on Tuesday, June 11th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus 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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