Jacobsen Capital Management purchased a new position in Wells Fargo & Co (NYSE:WFC) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 13,962 shares of the financial services provider’s stock, valued at approximately $660,000.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Orrstown Financial Services Inc. increased its holdings 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 buying an additional 287 shares in the last quarter. Evolution Wealth Advisors LLC bought a new stake in Wells Fargo & Co in the 2nd quarter worth about $25,000. Horan Capital Advisors LLC. bought a new stake in Wells Fargo & Co in the 1st quarter worth about $27,000. Brand Asset Management Group Inc. increased its holdings 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 buying an additional 242 shares in the last quarter. Finally, Nalls Sherbakoff Group LLC bought a new stake in Wells Fargo & Co in the 4th quarter worth about $32,000. 76.89% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on the company. Zacks Investment Research downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price objective for the company. in a report on Thursday, June 27th. Morgan Stanley reduced their price objective on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a report on Wednesday, July 17th. Odeon Capital Group upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Citigroup downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $56.00 to $51.00 in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. reduced their price objective on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company’s stock. Wells Fargo & Co presently has an average rating of “Hold” and an average price target of $51.12.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 EPS. Sell-side analysts anticipate that Wells Fargo & Co will post 4.8 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be paid a dividend of $0.51 per share. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend is Thursday, August 8th. Wells Fargo & Co’s payout ratio is currently 46.58%.
Wells Fargo & Co announced that its board has initiated a share buyback plan on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
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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