Scharf Investments LLC Sells 100,495 Shares of Wells Fargo & Co (NYSE:WFC)

Scharf Investments LLC decreased its position in Wells Fargo & Co (NYSE:WFC) by 8.7% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,057,802 shares of the financial services provider’s stock after selling 100,495 shares during the period. Wells Fargo & Co comprises 2.0% of Scharf Investments LLC’s portfolio, making the stock its 24th biggest position. Scharf Investments LLC’s holdings in Wells Fargo & Co were worth $50,055,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the company. Evolution Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Co during the 2nd quarter worth approximately $25,000. Horan Capital Advisors LLC. acquired a new position in shares of Wells Fargo & Co during the 1st quarter worth approximately $27,000. Brand Asset Management Group Inc. increased its holdings in shares of Wells Fargo & Co by 96.8% during the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 242 shares during the last quarter. Next Capital Management LLC acquired a new position in shares of Wells Fargo & Co during the 2nd quarter worth approximately $32,000. Finally, Financial Gravity Wealth Inc. acquired a new position in shares of Wells Fargo & Co during the 1st quarter worth approximately $37,000. Institutional investors own 75.40% of the company’s stock.

A number of research analysts recently weighed in on WFC shares. Piper Jaffray Companies set a $46.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday. Deutsche Bank set a $44.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 26th. Wolfe Research lowered Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Buckingham Research decreased their target price on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Finally, Citigroup lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $56.00 to $51.00 in a report on Friday, July 12th. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $50.74.

NYSE WFC traded up $0.22 on Friday, reaching $48.87. The stock had a trading volume of 16,207,733 shares, compared to its average volume of 17,955,578. 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 fifty day moving average of $46.50 and a two-hundred day moving average of $47.26. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $56.25. The company has a market cap of $212.86 billion, a P/E ratio of 11.16, a price-to-earnings-growth ratio of 0.94 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $20.95 billion. During the same period in the prior year, the firm posted $0.98 EPS. The company’s revenue for the quarter was up .1% on a year-over-year basis. Research analysts predict that Wells Fargo & Co will post 4.77 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 4.17%. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.

Wells Fargo & Co announced that its board has authorized a share repurchase plan on Thursday, June 27th that authorizes the company to buyback $23.10 billion in shares. This buyback authorization authorizes 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 board believes its stock is undervalued.

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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