Flagship Harbor Advisors LLC cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 3.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,557 shares of the financial services provider’s stock after selling 369 shares during the period. Flagship Harbor Advisors LLC’s holdings in Wells Fargo & were worth $579,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in WFC. Alexandria Capital LLC raised its stake in Wells Fargo & by 0.3% during the 1st 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 last quarter. Brick & Kyle Associates raised its stake in Wells Fargo & by 9.5% during the 1st quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after buying an additional 162 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new stake in Wells Fargo & during the 1st quarter valued at $124,000. Winch Advisory Services LLC raised its stake in Wells Fargo & by 0.7% during the 1st 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. Finally, Alpha Omega Wealth Management LLC raised its stake in Wells Fargo & by 9.4% during the 1st quarter. Alpha Omega Wealth Management LLC now owns 3,003 shares of the financial services provider’s stock valued at $167,000 after buying an additional 258 shares during the last quarter. Institutional investors and hedge funds own 75.19% of the company’s stock.
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Shares of Wells Fargo & Company (WFC) traded up 1.82% on Tuesday, hitting $51.58. 7,869,150 shares of the stock traded hands. Wells Fargo & Company has a 12-month low of $43.55 and a 12-month high of $59.99. The firm has a market cap of $256.04 billion, a P/E ratio of 12.70 and a beta of 0.96. The firm’s 50-day moving average is $52.34 and its 200 day moving average is $54.19.
Wells Fargo & (NYSE:WFC) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. The business had revenue of $22.20 billion during the quarter, compared to analyst estimates of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The business’s revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 earnings per share. Equities research analysts forecast that Wells Fargo & Company will post $4.16 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 4th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend was Wednesday, August 2nd. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s payout ratio is 38.42%.
Wells Fargo & declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $11.50 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
WFC has been the subject of a number of recent research reports. Berenberg Bank downgraded shares of Wells Fargo & from a “hold” rating to a “sell” rating and boosted their price objective for the company from $35.00 to $45.00 in a research report on Friday, July 21st. Vetr raised shares of Wells Fargo & to a “strong-buy” rating in a report on Thursday, September 7th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & in a report on Monday, July 3rd. Keefe, Bruyette & Woods set a $62.00 target price on shares of Wells Fargo & and gave the stock a “buy” rating in a report on Friday, May 19th. Finally, Zacks Investment Research downgraded shares of Wells Fargo & from a “hold” rating to a “sell” rating in a report on Monday, June 19th. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $55.83.
Wells Fargo & 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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