ERTS Wealth Advisors LLC Sells 1,021 Shares of Wells Fargo & Co (NYSE:WFC)

ERTS Wealth Advisors LLC reduced its position in Wells Fargo & Co (NYSE:WFC) by 5.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,304 shares of the financial services provider’s stock after selling 1,021 shares during the quarter. ERTS Wealth Advisors LLC’s holdings in Wells Fargo & Co were worth $819,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of WFC. Daily Journal Corp lifted its position 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 worth $75,324,000 after purchasing an additional 157,588,200 shares during the period. LLBH Private Wealth Management LLC lifted its holdings in shares of Wells Fargo & Co by 38,577.6% during the second quarter. LLBH Private Wealth Management LLC now owns 3,950,921 shares of the financial services provider’s stock valued at $527,000 after acquiring an additional 3,940,706 shares during the period. Pzena Investment Management LLC lifted its holdings in shares of Wells Fargo & Co by 30.5% during the second quarter. Pzena Investment Management LLC now owns 9,818,873 shares of the financial services provider’s stock valued at $464,629,000 after acquiring an additional 2,296,184 shares during the period. Prudential Financial Inc. lifted its holdings in shares of Wells Fargo & Co by 28.8% during the second quarter. Prudential Financial Inc. now owns 9,585,824 shares of the financial services provider’s stock valued at $453,601,000 after acquiring an additional 2,141,742 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Wells Fargo & Co by 147.9% during the second quarter. First Trust Advisors LP now owns 3,569,267 shares of the financial services provider’s stock valued at $168,898,000 after acquiring an additional 2,129,463 shares during the period. 75.40% of the stock is owned by hedge funds and other institutional investors.

Shares of Wells Fargo & Co stock traded up $0.46 during trading on Friday, reaching $49.11. The company’s stock had a trading volume of 340,799 shares, compared to its average volume of 17,955,578. The stock has a 50-day moving average price of $46.50 and a two-hundred day moving average price of $47.26. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. Wells Fargo & Co has a one year low of $43.02 and a one year high of $56.25. The stock has a market capitalization of $212.86 billion, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 0.94 and a beta of 1.09.

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. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The business had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same period in the previous year, the business posted $0.98 earnings per share. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wells Fargo & Co will post 4.77 EPS for the current fiscal year.

Wells Fargo & Co declared that its board has initiated a share buyback plan on Thursday, June 27th that allows the company to repurchase $23.10 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.15%. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 8th. Wells Fargo & Co’s payout ratio is currently 46.58%.

A number of research analysts have issued reports on WFC shares. Buckingham Research cut their price objective on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Piper Jaffray Companies set a $46.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a report on Monday. Deutsche Bank set a $44.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. Odeon Capital Group raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, Zacks Investment Research cut 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. Five equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $50.74.

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.

Further Reading: What can cause a stock to outperform?

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

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.