InterOcean Capital LLC Decreases Holdings in Wells Fargo & Co (NYSE:WFC)

InterOcean Capital LLC trimmed its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 1.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,383 shares of the financial services provider’s stock after selling 276 shares during the quarter. InterOcean Capital LLC’s holdings in Wells Fargo & Co were worth $1,059,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Truvvo Partners LLC raised its position in shares of Wells Fargo & Co by 70.3% during the 2nd quarter. Truvvo Partners LLC now owns 19,578 shares of the financial services provider’s stock valued at $926,000 after buying an additional 8,079 shares in the last quarter. Dana Investment Advisors Inc. raised its position in shares of Wells Fargo & Co by 32.3% during the 2nd quarter. Dana Investment Advisors Inc. now owns 7,042 shares of the financial services provider’s stock valued at $333,000 after buying an additional 1,718 shares in the last quarter. ETRADE Capital Management LLC raised its position in shares of Wells Fargo & Co by 21.9% during the 2nd quarter. ETRADE Capital Management LLC now owns 69,112 shares of the financial services provider’s stock valued at $3,270,000 after buying an additional 12,431 shares in the last quarter. Round Hill Asset Management raised its position in shares of Wells Fargo & Co by 1.7% during the 2nd quarter. Round Hill Asset Management now owns 27,505 shares of the financial services provider’s stock valued at $1,301,000 after buying an additional 450 shares in the last quarter. Finally, Pinebridge Investments L.P. raised its position in shares of Wells Fargo & Co by 48.3% during the 2nd quarter. Pinebridge Investments L.P. now owns 657,619 shares of the financial services provider’s stock valued at $31,118,000 after buying an additional 214,142 shares in the last quarter. Hedge funds and other institutional investors own 75.40% of the company’s stock.

Wells Fargo & Co stock opened at $49.15 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. The firm has a market capitalization of $212.86 billion, a P/E ratio of 11.22, a price-to-earnings-growth ratio of 0.94 and a beta of 1.09. The company’s 50-day moving average is $46.50 and its 200 day moving average is $47.26. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $56.25.

Wells Fargo & Co (NYSE:WFC) last issued 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. The business had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 EPS. Research analysts anticipate that Wells Fargo & Co will post 4.77 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a $0.51 dividend. 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 yield of 4.15%. The ex-dividend date was Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.

Wells Fargo & Co declared that its Board of Directors has approved a share buyback program on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

WFC has been the topic of a number of recent analyst reports. Citigroup lowered shares of 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 research report on Friday, July 12th. Odeon Capital Group raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. UBS Group lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $51.00 to $49.00 in a research report on Tuesday. Buckingham Research reduced their price objective on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Finally, Deutsche Bank set a $44.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 26th. Five research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the stock. Wells Fargo & Co currently has a consensus rating of “Hold” and an average target price 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.

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

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