Forte Capital LLC ADV increased its stake in Wells Fargo & Co (NYSE:WFC) by 5.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,794 shares of the financial services provider’s stock after purchasing an additional 1,345 shares during the quarter. Forte Capital LLC ADV’s holdings in Wells Fargo & Co were worth $1,221,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Arbor Wealth Management LLC grew its position in Wells Fargo & Co by 0.8% in the second quarter. Arbor Wealth Management LLC now owns 146,549 shares of the financial services provider’s stock worth $6,935,000 after acquiring an additional 1,164 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in Wells Fargo & Co by 0.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 438,243 shares of the financial services provider’s stock worth $20,738,000 after buying an additional 2,548 shares in the last quarter. OLD National Bancorp IN raised its stake in Wells Fargo & Co by 0.7% in the second quarter. OLD National Bancorp IN now owns 60,957 shares of the financial services provider’s stock worth $2,884,000 after buying an additional 411 shares in the last quarter. Boenning & Scattergood Inc. raised its stake in Wells Fargo & Co by 51.3% in the second quarter. Boenning & Scattergood Inc. now owns 71,529 shares of the financial services provider’s stock worth $3,385,000 after buying an additional 24,238 shares in the last quarter. Finally, JGP Wealth Management LLC increased its position in shares of Wells Fargo & Co by 5.5% during the second quarter. JGP Wealth Management LLC now owns 6,537 shares of the financial services provider’s stock worth $309,000 after purchasing an additional 340 shares in the last quarter. 76.89% of the stock is currently owned by institutional investors.
Shares of NYSE WFC opened at $43.38 on Friday. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $59.53. The company has a market capitalization of $202.50 billion, a PE ratio of 9.90, a price-to-earnings-growth ratio of 0.90 and a beta of 1.08. 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 firm’s 50-day moving average is $47.02 and its two-hundred day moving average is $47.61.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.14. The business 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 company’s revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, analysts forecast that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date is Thursday, August 8th. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s payout ratio is currently 46.58%.
Wells Fargo & Co declared that its board has authorized a share repurchase plan on Thursday, June 27th that permits the company to repurchase $23.10 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
WFC has been the topic of a number of research analyst reports. Morgan Stanley dropped their price objective on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 17th. UBS Group lowered their target price 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. Atlantic Securities downgraded shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target for the company. in a research report on Tuesday, June 11th. Deutsche Bank set a $44.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. Finally, Macquarie downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $54.00 to $47.00 in a report on Wednesday, July 17th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company. Wells Fargo & Co presently has an average rating of “Hold” and a consensus price target of $51.12.
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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