Wells Fargo & Co (WFC) Position Decreased by Lcnb Corp

Lcnb Corp lessened its holdings in Wells Fargo & Co (NYSE:WFC) by 33.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 7,845 shares of the financial services provider’s stock after selling 3,983 shares during the quarter. Lcnb Corp’s holdings in Wells Fargo & Co were worth $435,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Rothschild Asset Management Inc. boosted its holdings in Wells Fargo & Co by 1.0% in the 2nd quarter. Rothschild Asset Management Inc. now owns 589,885 shares of the financial services provider’s stock worth $32,703,000 after buying an additional 5,584 shares during the last quarter. Independent Order of Foresters boosted its holdings in Wells Fargo & Co by 20.4% in the 2nd quarter. Independent Order of Foresters now owns 8,330 shares of the financial services provider’s stock worth $462,000 after buying an additional 1,410 shares during the last quarter. Intact Investment Management Inc. boosted its holdings in Wells Fargo & Co by 88.1% in the 2nd quarter. Intact Investment Management Inc. now owns 102,900 shares of the financial services provider’s stock worth $5,708,000 after buying an additional 48,200 shares during the last quarter. Toronto Dominion Bank boosted its holdings in Wells Fargo & Co by 22.8% in the 2nd quarter. Toronto Dominion Bank now owns 4,164,869 shares of the financial services provider’s stock worth $230,736,000 after buying an additional 772,628 shares during the last quarter. Finally, Bell & Brown Wealth Advisors LLC boosted its holdings in Wells Fargo & Co by 76.4% in the 2nd quarter. Bell & Brown Wealth Advisors LLC now owns 47,076 shares of the financial services provider’s stock worth $2,610,000 after buying an additional 20,396 shares during the last quarter. Hedge funds and other institutional investors own 77.52% of the company’s stock.

In related news, EVP Avid Modjtabai sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $58.71, for a total value of $5,871,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Hope A. Hardison sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $58.01, for a total value of $1,450,250.00. Following the completion of the transaction, the executive vice president now owns 109 shares in the company, valued at $6,323.09. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.

WFC has been the topic of several recent research reports. Edward Jones upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday, September 17th. Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. They noted that the move was a valuation call. Wolfe Research initiated coverage on Wells Fargo & Co in a report on Tuesday. They set an “outperform” rating on the stock. Morgan Stanley lowered their target price on Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating on the stock in a report on Monday, July 16th. Finally, Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Tuesday, September 18th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. Wells Fargo & Co has an average rating of “Hold” and a consensus target price of $63.28.

WFC opened at $53.16 on Thursday. Wells Fargo & Co has a one year low of $50.26 and a one year high of $66.31. The company has a market capitalization of $264.67 billion, a P/E ratio of 12.93, a price-to-earnings-growth ratio of 1.47 and a beta of 1.12. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 0.88.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, July 13th. The financial services provider reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.04). Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. The business had revenue of $21.55 billion during the quarter, compared to analyst estimates of $21.52 billion. analysts anticipate that Wells Fargo & Co will post 4.55 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, September 1st. Investors of record on Friday, August 10th were issued a $0.43 dividend. The ex-dividend date was Thursday, August 9th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a yield of 3.24%. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.

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. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

See Also: Hedge Funds Explained

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

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