Janus Henderson Group PLC decreased its holdings in Wells Fargo & Co (NYSE:WFC) by 29.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,878,810 shares of the financial services provider’s stock after selling 1,226,055 shares during the period. Janus Henderson Group PLC owned approximately 0.06% of Wells Fargo & Co worth $136,213,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of WFC. Orrstown Financial Services Inc. increased its stake in shares of 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 valued at $25,000 after purchasing an additional 287 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co during the 2nd quarter valued at $25,000. Horan Capital Advisors LLC. acquired a new stake in shares of Wells Fargo & Co during the 1st quarter valued at $27,000. Brand Asset Management Group Inc. boosted 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 valued at $31,000 after acquiring an additional 242 shares in the last quarter. Finally, Nalls Sherbakoff Group LLC acquired a new stake in shares of Wells Fargo & Co during the 4th quarter valued at $32,000. Institutional investors own 76.89% of the company’s stock.
Several equities research analysts recently weighed in on WFC shares. Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $54.00 to $47.00 in a report on Wednesday, July 17th. Wolfe Research downgraded Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Atlantic Securities downgraded Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective on the stock. in a report on Tuesday, June 11th. BMO Capital Markets cut their price objective on Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. cut their price objective on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a report on Tuesday, July 9th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $51.12.
Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. The firm had revenue of $21.58 billion for 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 business earned $0.98 EPS. Equities research analysts forecast that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be issued a dividend of $0.51 per share. The ex-dividend date is Thursday, August 8th. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.64%. Wells Fargo & Co’s payout ratio is presently 46.58%.
Wells Fargo & Co declared that its Board of Directors has approved a stock buyback program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are 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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