VGI Partners Ltd boosted its position in Wells Fargo & Co (NYSE:WFC) by 68.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,020,731 shares of the financial services provider’s stock after buying an additional 818,770 shares during the quarter. Wells Fargo & Co makes up about 8.1% of VGI Partners Ltd’s portfolio, making the stock its 7th biggest position. VGI Partners Ltd’s holdings in Wells Fargo & Co were worth $95,621,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Evolution Wealth Advisors LLC acquired a new stake in Wells Fargo & Co in the 2nd quarter valued at approximately $25,000. Horan Capital Advisors LLC. acquired a new stake in Wells Fargo & Co in the 1st quarter valued at approximately $27,000. Brand Asset Management Group Inc. raised its position in Wells Fargo & Co by 96.8% in the 1st 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 during the last quarter. Next Capital Management LLC acquired a new stake in Wells Fargo & Co in the 2nd quarter valued at approximately $32,000. Finally, Global Trust Asset Management LLC raised its position in Wells Fargo & Co by 643.0% in the 2nd quarter. Global Trust Asset Management LLC now owns 5,506 shares of the financial services provider’s stock valued at $40,000 after buying an additional 4,765 shares during the last quarter. 75.29% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:WFC traded down $0.10 during trading on Friday, hitting $48.81. 16,590,435 shares of the company were exchanged, compared to its average volume of 17,868,290. The stock has a market cap of $214.84 billion, a price-to-earnings ratio of 11.14, a P/E/G ratio of 0.95 and a beta of 1.09. Wells Fargo & Co has a fifty-two week low of $43.02 and a fifty-two week high of $55.81. The firm has a fifty day moving average price of $46.53 and a two-hundred day moving average price of $47.24. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36.
Wells Fargo & Co declared that its Board of Directors has approved a stock buyback program on Thursday, June 27th that allows the company to buyback $23.10 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were paid a dividend of $0.51 per share. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend was Thursday, August 8th. Wells Fargo & Co’s payout ratio is currently 46.58%.
A number of brokerages recently issued reports on WFC. BMO Capital Markets dropped their target price on Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Deutsche Bank set a $44.00 price target on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 26th. Morgan Stanley lowered their price target on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 17th. Citigroup lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $56.00 to $51.00 in a research report on Friday, July 12th. Finally, UBS Group lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $51.00 to $49.00 in a research report on Tuesday, September 10th. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $50.74.
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.
Featured Article: Asset Allocation and Your Retirement
Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).
Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.