Securian Asset Management Inc Cuts Stock Position in Wells Fargo & Co (NYSE:WFC)

Securian Asset Management Inc lessened its stake in Wells Fargo & Co (NYSE:WFC) by 0.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 417,542 shares of the financial services provider’s stock after selling 1,626 shares during the quarter. Securian Asset Management Inc’s holdings in Wells Fargo & Co were worth $19,758,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Daily Journal Corp grew its stake in Wells Fargo & Co by 9,900.0% in the second quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after purchasing an additional 157,588,200 shares during the last quarter. Geode Capital Management LLC grew its stake in Wells Fargo & Co by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after purchasing an additional 2,114,810 shares during the last quarter. Norges Bank purchased a new position in Wells Fargo & Co in the fourth quarter valued at about $2,004,580,000. Sanders Capital LLC grew its stake in Wells Fargo & Co by 2.9% in the second quarter. Sanders Capital LLC now owns 17,546,738 shares of the financial services provider’s stock valued at $915,731,000 after purchasing an additional 487,700 shares during the last quarter. Finally, Alecta Pensionsforsakring Omsesidigt grew its stake in Wells Fargo & Co by 5.8% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 14,590,000 shares of the financial services provider’s stock valued at $704,989,000 after purchasing an additional 800,000 shares during the last quarter. Institutional investors own 76.34% of the company’s stock.

Shares of Wells Fargo & Co stock traded down $0.31 on Tuesday, reaching $44.94. 293,254 shares of the stock were exchanged, compared to its average volume of 21,849,808. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. Wells Fargo & Co has a twelve month low of $43.02 and a twelve month high of $59.53. The firm has a market capitalization of $196.91 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 0.86 and a beta of 1.08. The business has a 50 day moving average price of $46.81 and a two-hundred day moving average price of $47.55.

Wells Fargo & Co (NYSE:WFC) last released its 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 return on equity of 13.74% and a net margin of 23.26%. The firm had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. During the same quarter in the previous year, the company posted $0.98 earnings per share. The company’s revenue was up .1% compared to the same quarter last year. Research analysts forecast that Wells Fargo & Co will post 4.8 EPS for the current year.

Wells Fargo & Co announced that its board has approved a share buyback program on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

The company 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. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.54%. Wells Fargo & Co’s payout ratio is 46.58%.

A number of equities research analysts have recently weighed in on the company. Buckingham Research dropped their price target on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Macquarie lowered Wells Fargo & Co from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $54.00 to $47.00 in a research note on Wednesday, July 17th. BMO Capital Markets dropped their price target on Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Citigroup lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $56.00 to $51.00 in a research note on Friday, July 12th. Finally, JPMorgan Chase & Co. dropped their price target on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $51.12.

Wells Fargo & Co Profile

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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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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