Pinebridge Investments L.P. increased its holdings in Wells Fargo & Co (NYSE:WFC) by 48.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 657,619 shares of the financial services provider’s stock after purchasing an additional 214,142 shares during the period. Pinebridge Investments L.P.’s holdings in Wells Fargo & Co were worth $31,118,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Coastal Capital Group Inc. acquired a new stake in shares of Wells Fargo & Co during the second quarter worth approximately $78,000. Cibc Bank USA increased its holdings in shares of Wells Fargo & Co by 15.4% during the second quarter. Cibc Bank USA now owns 28,181 shares of the financial services provider’s stock worth $1,334,000 after buying an additional 3,756 shares in the last quarter. Harrington Investments INC acquired a new stake in shares of Wells Fargo & Co during the first quarter worth approximately $203,000. Assenagon Asset Management S.A. increased its holdings in shares of Wells Fargo & Co by 72.1% during the first quarter. Assenagon Asset Management S.A. now owns 34,115 shares of the financial services provider’s stock worth $1,648,000 after buying an additional 14,291 shares in the last quarter. Finally, Ballentine Partners LLC increased its holdings in shares of Wells Fargo & Co by 16.3% during the second quarter. Ballentine Partners LLC now owns 22,787 shares of the financial services provider’s stock worth $1,078,000 after buying an additional 3,193 shares in the last quarter. 75.40% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on WFC. Piper Jaffray Companies set a $46.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday. Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $54.00 to $47.00 in a report on Wednesday, July 17th. BMO Capital Markets dropped their price objective on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Wolfe Research lowered shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Finally, UBS Group cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price target for the company from $51.00 to $49.00 in a research note on Tuesday. Five investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. Wells Fargo & Co currently has an average rating of “Hold” and an average price target of $50.74.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The business had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $20.95 billion. During the same period in the prior year, the firm earned $0.98 earnings per share. Wells Fargo & Co’s revenue was up .1% compared to the same quarter last year. As a group, analysts anticipate that Wells Fargo & Co will post 4.8 earnings per share for the current year.
Wells Fargo & Co declared that its Board of Directors has initiated a share repurchase plan 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 purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a $0.51 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This is a boost 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 4.19%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 46.58%.
Wells Fargo & Co Company 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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