Brighton Jones LLC Sells 218 Shares of Wells Fargo & Co (NYSE:WFC)

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Brighton Jones LLC decreased its stake in shares of Wells Fargo & Co (NYSE:WFC) by 0.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 41,499 shares of the financial services provider’s stock after selling 218 shares during the quarter. Brighton Jones LLC’s holdings in Wells Fargo & Co were worth $1,964,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of WFC. Daily Journal Corp increased its stake in Wells Fargo & Co by 9,900.0% in the second quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after acquiring an additional 157,588,200 shares during the period. Norges Bank bought a new stake in Wells Fargo & Co in the fourth quarter valued at about $2,004,580,000. Pzena Investment Management LLC increased its stake in Wells Fargo & Co by 30.5% in the second quarter. Pzena Investment Management LLC now owns 9,818,873 shares of the financial services provider’s stock valued at $464,629,000 after acquiring an additional 2,296,184 shares during the period. First Trust Advisors LP increased its stake in Wells Fargo & Co by 147.9% in the second quarter. First Trust Advisors LP now owns 3,569,267 shares of the financial services provider’s stock valued at $168,898,000 after acquiring an additional 2,129,463 shares during the period. Finally, Geode Capital Management LLC increased its stake 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 acquiring an additional 2,114,810 shares during the period. Institutional investors own 76.34% of the company’s stock.

WFC has been the topic of a number of analyst reports. Citigroup cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their target price for the company from $56.00 to $51.00 in a research note on Friday, July 12th. Wolfe Research cut shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Deutsche Bank set a $44.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Friday, July 26th. UBS Group decreased their price objective on shares of Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Finally, Buckingham Research decreased their price objective on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Five 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 presently has an average rating of “Hold” and a consensus price target of $51.12.

Shares of Wells Fargo & Co stock opened at $45.25 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $195.59 billion, a price-to-earnings ratio of 10.33, a P/E/G ratio of 0.86 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 firm’s 50-day moving average price is $46.81 and its two-hundred day moving average price is $47.55.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 net margin of 23.26% and a return on equity of 13.74%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 earnings per share. As a group, equities research analysts predict that Wells Fargo & Co will post 4.8 EPS for the current year.

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

The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.51%. 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%.

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.

Further Reading: Special Dividends

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

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