SNS Financial Group LLC boosted its position in Wells Fargo & Co (NYSE:WFC) by 27.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,045 shares of the financial services provider’s stock after purchasing an additional 2,785 shares during the quarter. SNS Financial Group LLC’s holdings in Wells Fargo & Co were worth $618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently bought and sold shares of WFC. Orrstown Financial Services Inc. lifted its stake in Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 287 shares in the last quarter. Evolution Wealth Advisors LLC purchased a new stake in Wells Fargo & Co in the 2nd quarter worth approximately $25,000. Horan Capital Advisors LLC. purchased a new stake in Wells Fargo & Co in the 1st quarter worth approximately $27,000. Brand Asset Management Group Inc. lifted its stake in Wells Fargo & Co by 96.8% in the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 242 shares in the last quarter. Finally, Nalls Sherbakoff Group LLC purchased a new stake in Wells Fargo & Co in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 75.35% of the company’s stock.
Shares of NYSE:WFC traded down $1.49 during trading on Wednesday, reaching $45.44. The company had a trading volume of 15,162,177 shares, compared to its average volume of 20,302,696. The company has a fifty day moving average price of $47.15. The stock has a market cap of $205.12 billion, a PE ratio of 10.37, a P/E/G ratio of 0.92 and a beta of 1.08. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. 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 earned $0.98 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, equities research analysts predict that Wells Fargo & Co will post 4.8 EPS for the current year.
Wells Fargo & Co declared that its board has approved a stock buyback plan on Thursday, June 27th that allows the company to buyback $23.10 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be issued a dividend of $0.51 per share. The ex-dividend date is Thursday, August 8th. This represents a $2.04 annualized dividend and a dividend yield of 4.49%. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 41.10%.
In related news, insider Petros G. Pelos sold 28,304 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the transaction, the insider now owns 3,066 shares of the company’s stock, valued at approximately $142,599.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.08% of the stock is currently owned by company insiders.
Several analysts have issued reports on the stock. 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. Goldman Sachs Group lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $58.00 to $48.00 in a report on Friday, April 12th. Bank of America lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating in a report on Monday, April 15th. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target on the stock. in a report on Thursday, June 27th. Finally, Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $54.00 to $47.00 in a report on Wednesday, July 17th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. Wells Fargo & Co presently has a consensus rating of “Hold” and a consensus price target of $51.12.
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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