Meridian Investment Counsel Inc. decreased its stake in Wells Fargo & Company (NYSE:WFC) by 3.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,695 shares of the financial services provider’s stock after selling 580 shares during the period. Meridian Investment Counsel Inc.’s holdings in Wells Fargo & were worth $985,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of WFC. Alexandria Capital LLC raised its position in shares of Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after buying an additional 6 shares during the period. Winch Advisory Services LLC raised its stake in Wells Fargo & by 0.7% in the first quarter. Winch Advisory Services LLC now owns 2,756 shares of the financial services provider’s stock valued at $153,000 after buying an additional 18 shares during the last quarter. Jackson Grant Investment Advisers Inc. raised its stake in Wells Fargo & by 0.5% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 4,928 shares of the financial services provider’s stock valued at $274,000 after buying an additional 24 shares during the last quarter. Wedge Capital Management L L P NC raised its stake in Wells Fargo & by 1.7% in the first quarter. Wedge Capital Management L L P NC now owns 3,765 shares of the financial services provider’s stock valued at $210,000 after buying an additional 62 shares during the last quarter. Finally, First Bank & Trust raised its stake in Wells Fargo & by 0.4% in the first quarter. First Bank & Trust now owns 20,410 shares of the financial services provider’s stock valued at $1,136,000 after buying an additional 78 shares during the last quarter. 76.05% of the stock is owned by hedge funds and other institutional investors.
Wells Fargo & Company (NYSE WFC) traded down 0.23% during mid-day trading on Friday, hitting $51.68. 17,130,641 shares of the company traded hands. Wells Fargo & Company has a one year low of $43.55 and a one year high of $59.99. The company’s 50-day moving average price is $54.06 and its 200 day moving average price is $54.86. The company has a market capitalization of $256.54 billion, a price-to-earnings ratio of 12.73 and a beta of 0.95. Wells Fargo & also saw unusually large options trading on Thursday. Stock investors bought 27,464 put options on the company. This represents an increase of approximately 155% compared to the average volume of 10,758 put options.
Wells Fargo & (NYSE:WFC) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The company had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. During the same quarter last year, the business earned $1.01 earnings per share. Wells Fargo &’s revenue was up .2% on a year-over-year basis. On average, analysts anticipate that Wells Fargo & Company will post $4.17 earnings per share for the current fiscal year.
Wells Fargo & announced that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that permits the company to buyback $11.50 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be given a $0.39 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.02%. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio (DPR) is presently 38.42%.
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Several equities research analysts have recently issued reports on WFC shares. Keefe, Bruyette & Woods set a $62.00 price objective on shares of Wells Fargo & and gave the stock a “buy” rating in a research report on Friday, May 19th. Vetr raised shares of Wells Fargo & from a “hold” rating to a “buy” rating and set a $57.21 price objective for the company in a research report on Wednesday, May 10th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & in a report on Monday, July 3rd. Instinet reaffirmed a “buy” rating and set a $64.00 price target on shares of Wells Fargo & in a report on Wednesday, July 12th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $60.00 price target on shares of Wells Fargo & in a report on Friday, July 28th. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $55.87.
In other Wells Fargo & news, insider Michael J. Loughlin sold 20,000 shares of Wells Fargo & stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $52.16, for a total value of $1,043,200.00. Following the transaction, the insider now owns 7 shares in the company, valued at $365.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Petros G. Pelos sold 24,708 shares of Wells Fargo & stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $54.07, for a total value of $1,335,961.56. The disclosure for this sale can be found here. Insiders sold 131,278 shares of company stock worth $6,940,120 in the last 90 days. 0.22% of the stock is owned by company insiders.
About Wells Fargo &
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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