Laurel Wealth Advisors Inc. grew its position in Wells Fargo & Co (NYSE:WFC) by 34.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,673 shares of the financial services provider’s stock after acquiring an additional 13,378 shares during the quarter. Laurel Wealth Advisors Inc.’s holdings in Wells Fargo & Co were worth $2,492,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brand Asset Management Group Inc. increased its stake in Wells Fargo & Co by 96.8% during the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 242 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new stake in Wells Fargo & Co during the second quarter worth $25,000. Horan Capital Advisors LLC. acquired a new stake in Wells Fargo & Co during the first quarter worth $27,000. Next Capital Management LLC acquired a new stake in Wells Fargo & Co during the second quarter worth $32,000. Finally, Financial Gravity Wealth Inc. acquired a new stake in Wells Fargo & Co during the first quarter worth $37,000. Institutional investors and hedge funds own 75.40% of the company’s stock.
WFC has been the subject of several recent analyst reports. Morgan Stanley cut their target price on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 17th. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 target price for the company. in a research note on Thursday, June 27th. Deutsche Bank set a $44.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a research note on Friday, July 26th. Odeon Capital Group raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Finally, Piper Jaffray Companies set a $46.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a research note on Monday. Five investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $50.74.
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, beating the Zacks’ 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 business had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same period in the previous year, the firm posted $0.98 earnings per share. The company’s revenue was up .1% on a year-over-year basis. Analysts forecast that Wells Fargo & Co will post 4.77 EPS for the current fiscal year.
Wells Fargo & Co declared that its board has approved a stock buyback program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 4.17%. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 8th. Wells Fargo & Co’s 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.
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