Executive Wealth Management LLC raised its stake in Wells Fargo & Co (NYSE:WFC) by 56.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,695 shares of the financial services provider’s stock after acquiring an additional 611 shares during the quarter. Executive Wealth Management LLC’s holdings in Wells Fargo & Co were worth $80,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Brand Asset Management Group Inc. lifted its stake in Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after buying an additional 242 shares in the last quarter. Orrstown Financial Services Inc. lifted its stake in Wells Fargo & Co by 125.9% in the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after buying an additional 287 shares in the last quarter. Evolution Wealth Advisors LLC bought a new position in Wells Fargo & Co in the second quarter valued at approximately $25,000. Horan Capital Advisors LLC. bought a new position in Wells Fargo & Co in the first quarter valued at approximately $27,000. Finally, Nalls Sherbakoff Group LLC bought a new position in Wells Fargo & Co in the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 76.89% of the company’s stock.
Shares of WFC stock traded down $0.05 during trading on Thursday, reaching $43.92. The company’s stock had a trading volume of 602,475 shares, compared to its average volume of 22,285,064. The firm’s fifty day moving average is $47.06. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $200.13 billion, a P/E ratio of 10.02, a price-to-earnings-growth ratio of 0.88 and a beta of 1.08. Wells Fargo & Co has a one year low of $43.02 and a one year high of $59.53.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend is Thursday, August 8th. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s payout ratio is currently 46.58%.
Wells Fargo & Co announced that its Board of Directors has approved a share buyback program on Thursday, June 27th that allows the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts have weighed in on the stock. Wolfe Research lowered shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Buckingham Research cut their price target on shares of 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. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 26th. Citigroup lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price target for the company from $56.00 to $51.00 in a research note on Friday, July 12th. Finally, UBS Group cut their price target on shares of Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target 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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