Edgestream Partners L.P. purchased a new position in shares of Wells Fargo & Co (NYSE:WFC) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 15,470 shares of the financial services provider’s stock, valued at approximately $732,000.
Several other hedge funds and other institutional investors also recently modified their holdings of WFC. PagnatoKarp Partners LLC acquired a new position in shares of Wells Fargo & Co during the 2nd quarter worth $381,000. Castle Rock Wealth Management LLC increased its position in Wells Fargo & Co by 7.6% during the 2nd quarter. Castle Rock Wealth Management LLC now owns 6,527 shares of the financial services provider’s stock worth $309,000 after purchasing an additional 460 shares in the last quarter. Vantis Investment Advisers L.P. purchased a new stake in Wells Fargo & Co during the 2nd quarter worth about $8,603,000. SRS Capital Advisors Inc. purchased a new stake in Wells Fargo & Co during the 2nd quarter worth about $717,000. Finally, Delek Group Ltd. increased its position in Wells Fargo & Co by 92.9% during the 2nd quarter. Delek Group Ltd. now owns 623,053 shares of the financial services provider’s stock worth $28,804,000 after purchasing an additional 300,000 shares in the last quarter. 75.40% of the stock is owned by hedge funds and other institutional investors.
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 stock has a market cap of $212.86 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 0.94 and a beta of 1.09. The business has a fifty day moving average of $46.52 and a 200-day moving average of $47.26. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) 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 analysts’ expectations of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.98 earnings per share. On average, equities research analysts predict that Wells Fargo & Co will post 4.77 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a $0.51 dividend. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.04 annualized dividend and a dividend yield of 4.17%. Wells Fargo & Co’s dividend payout ratio is 46.58%.
Wells Fargo & Co announced that its Board of Directors has authorized a stock buyback 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several research firms have commented on WFC. BMO Capital Markets lowered their price target on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. 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 report on Wednesday, July 17th. Citigroup cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $56.00 to $51.00 in a report on Friday, July 12th. JPMorgan Chase & Co. decreased their target price on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Finally, Buckingham Research reduced their price target on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Five 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. Wells Fargo & Co currently has a consensus rating of “Hold” and an average 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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