Doheny Asset Management CA Has $383,000 Holdings in Wells Fargo & Co (NYSE:WFC)

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Doheny Asset Management CA cut its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 15.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,100 shares of the financial services provider’s stock after selling 1,500 shares during the quarter. Doheny Asset Management CA’s holdings in Wells Fargo & Co were worth $383,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of WFC. Grove Bank & Trust increased its position in shares of Wells Fargo & Co by 1.5% during the first quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock valued at $710,000 after purchasing an additional 214 shares during the period. Gilbert & Cook Inc. grew its position in Wells Fargo & Co by 0.6% in the second quarter. Gilbert & Cook Inc. now owns 40,447 shares of the financial services provider’s stock valued at $1,914,000 after acquiring an additional 225 shares during the period. Legacy Bridge LLC grew its position in Wells Fargo & Co by 1.2% in the first quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock valued at $928,000 after acquiring an additional 230 shares during the period. Telos Capital Management Inc. grew its position in Wells Fargo & Co by 4.3% in the first quarter. Telos Capital Management Inc. now owns 5,624 shares of the financial services provider’s stock valued at $272,000 after acquiring an additional 234 shares during the period. Finally, Brand Asset Management Group Inc. grew its position in 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 valued at $31,000 after acquiring an additional 242 shares during the period. Institutional investors own 75.40% of the company’s stock.

NYSE:WFC opened at $48.92 on Friday. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $55.81. The business’s 50-day moving average price is $46.52 and its two-hundred day moving average price is $47.26. 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 firm has a market capitalization of $214.36 billion, a price-to-earnings ratio of 10.05, a PEG ratio of 0.95 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last released its earnings results 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 firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same quarter in the prior year, the firm posted $0.98 earnings per share. The company’s quarterly revenue was up .1% on a year-over-year basis. Sell-side analysts predict that Wells Fargo & Co will post 4.78 earnings per share for the current year.

Wells Fargo & Co declared that its board has authorized a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

The business 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. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 8th. This represents a $2.04 annualized dividend and a yield of 4.17%. Wells Fargo & Co’s dividend payout ratio is presently 46.58%.

A number of brokerages have weighed in on WFC. Citigroup cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price target for the company from $56.00 to $51.00 in a research report on Friday, July 12th. Macquarie cut 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. Deutsche Bank set a $44.00 price target on Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 26th. UBS Group cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price target for the company from $51.00 to $49.00 in a research report on Tuesday, September 10th. Finally, Atlantic Securities cut 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, fourteen have given a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $50.74.

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

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