V Wealth Management LLC decreased its stake in Wells Fargo & Company (NYSE:WFC) by 39.8% during the second quarter, according to its most recent filing with the SEC. The firm owned 4,710 shares of the financial services provider’s stock after selling 3,116 shares during the period. V Wealth Management LLC’s holdings in Wells Fargo & were worth $263,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. Dodge & Cox purchased a new stake in shares of Wells Fargo & during the fourth quarter valued at $3,942,119,000. Norges Bank purchased a new stake in shares of Wells Fargo & during the fourth quarter valued at $2,800,566,000. Canada Pension Plan Investment Board boosted its stake in shares of Wells Fargo & by 83.9% in the first quarter. Canada Pension Plan Investment Board now owns 7,972,116 shares of the financial services provider’s stock valued at $443,728,000 after buying an additional 3,637,100 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Wells Fargo & by 49.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 9,713,557 shares of the financial services provider’s stock valued at $540,657,000 after buying an additional 3,214,592 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Wells Fargo & by 44.7% in the fourth quarter. AQR Capital Management LLC now owns 9,439,158 shares of the financial services provider’s stock valued at $520,192,000 after buying an additional 2,916,320 shares in the last quarter. 76.05% of the stock is currently owned by hedge funds and other institutional investors.
Wells Fargo & Company (NYSE WFC) traded down 0.23% on Friday, reaching $51.68. 17,130,641 shares of the company were exchanged. The stock has a market capitalization of $256.54 billion, a P/E ratio of 12.73 and a beta of 0.95. The company’s 50-day moving average price is $54.06 and its 200-day moving average price is $54.86. Wells Fargo & Company has a 12-month low of $43.55 and a 12-month high of $59.99. Wells Fargo & also was the recipient of unusually large options trading activity on Thursday. Stock traders acquired 27,464 put options on the stock. This represents an increase of approximately 155% compared to the typical daily volume of 10,758 put options.
Wells Fargo & (NYSE:WFC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.23 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. The business’s revenue was up .2% on a year-over-year basis. Equities research analysts anticipate that Wells Fargo & Company will post $4.17 earnings per share for the current fiscal year.
Wells Fargo & announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $11.50 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be issued a dividend of $0.39 per share. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date is Wednesday, August 2nd. This represents a $1.56 annualized dividend and a yield of 3.02%. Wells Fargo &’s dividend payout ratio is presently 38.42%.
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WFC has been the topic of several research analyst reports. Vining Sparks raised shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 price objective on the stock in a research note on Thursday, April 27th. Jefferies Group LLC reaffirmed a “hold” rating and set a $62.00 price objective on shares of Wells Fargo & in a research note on Monday, May 8th. Berenberg Bank cut shares of Wells Fargo & from a “hold” rating to a “sell” rating and increased their price target for the company from $35.00 to $45.00 in a research note on Friday, July 21st. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a research note on Monday, July 3rd. Finally, Vetr cut shares of Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 price target on the stock. in a research note on Thursday, May 4th. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $55.87.
In other Wells Fargo & news, insider Hope A. Hardison sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $52.07, for a total transaction of $1,041,400.00. Following the transaction, the insider now owns 109 shares in the company, valued at $5,675.63. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mary T. Mack sold 38,988 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $52.58, for a total transaction of $2,049,989.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 131,278 shares of company stock worth $6,940,120. Corporate insiders own 0.22% of the company’s stock.
Wells Fargo & Company Profile
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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