Wells Fargo & Co (NYSE:WFC) Shares Sold by Hi Line Capital Management LLC

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Hi Line Capital Management LLC lowered its position in shares of Wells Fargo & Co (NYSE:WFC) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,639 shares of the financial services provider’s stock after selling 1,383 shares during the period. Wells Fargo & Co accounts for approximately 3.3% of Hi Line Capital Management LLC’s portfolio, making the stock its 11th largest position. Hi Line Capital Management LLC’s holdings in Wells Fargo & Co were worth $7,081,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of WFC. Daily Journal Corp grew its position in 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 during the period. Geode Capital Management LLC grew its position in shares of 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 purchasing an additional 2,114,810 shares during the last quarter. Davis Selected Advisers grew its position in shares of Wells Fargo & Co by 0.7% in the second quarter. Davis Selected Advisers now owns 27,729,864 shares of the financial services provider’s stock valued at $1,312,177,000 after purchasing an additional 193,907 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Wells Fargo & Co by 2.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 19,874,229 shares of the financial services provider’s stock valued at $940,449,000 after purchasing an additional 490,033 shares during the last quarter. Finally, Sanders Capital LLC grew its position in shares of 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 purchasing an additional 487,700 shares during the last quarter. Hedge funds and other institutional investors own 75.40% of the company’s stock.

WFC opened at $49.02 on Friday. The company has a fifty day simple moving average of $46.50 and a 200 day simple moving average of $47.26. The firm has a market cap of $212.86 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.94 and a beta of 1.09. Wells Fargo & Co has a twelve month low of $43.02 and a twelve month high of $56.25. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36.

Wells Fargo & Co (NYSE:WFC) last announced 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 company had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the business earned $0.98 EPS. On average, analysts forecast that Wells Fargo & Co will post 4.77 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a $0.51 dividend. The ex-dividend date was Thursday, August 8th. This is a boost 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 4.16%. Wells Fargo & Co’s payout ratio is 46.58%.

Wells Fargo & Co announced that its board has initiated a share buyback plan on Thursday, June 27th that allows the company to repurchase $23.10 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Several analysts have recently commented on WFC shares. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target on the stock. in a research report on Thursday, June 27th. Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $54.00 to $47.00 in a research report on Wednesday, July 17th. Wolfe Research lowered shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, July 10th. Odeon Capital Group upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Finally, Morgan Stanley lowered their price target on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 17th. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $50.74.

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

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