River & Mercantile Asset Management LLP increased its position in shares of Wells Fargo & Co (NYSE:WFC) by 0.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 380,993 shares of the financial services provider’s stock after buying an additional 3,400 shares during the period. Wells Fargo & Co accounts for approximately 0.9% of River & Mercantile Asset Management LLP’s holdings, making the stock its 11th biggest position. River & Mercantile Asset Management LLP’s holdings in Wells Fargo & Co were worth $18,023,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of WFC. Evolution Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Co during the 2nd quarter worth $25,000. 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 worth $31,000 after buying an additional 242 shares during the period. Next Capital Management LLC bought a new stake in shares of Wells Fargo & Co during the 2nd quarter worth $32,000. Global Trust Asset Management LLC boosted its holdings in shares of Wells Fargo & Co by 643.0% during the 2nd quarter. Global Trust Asset Management LLC now owns 5,506 shares of the financial services provider’s stock worth $40,000 after buying an additional 4,765 shares during the period. Finally, Meridian Wealth Management LLC bought a new stake in shares of Wells Fargo & Co during the 1st quarter worth $50,000. 75.25% of the stock is owned by institutional investors and hedge funds.
WFC has been the subject of a number of research reports. BMO Capital Markets reduced their price target 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. Piper Jaffray Companies set a $46.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Monday, September 9th. Morgan Stanley reduced their price target on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a report on Wednesday, July 17th. Atlantic Securities downgraded shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target for the company. in a report on Tuesday, June 11th. Finally, Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. Five investment 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 stock has an average rating of “Hold” and a consensus target price of $50.74.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same quarter in the prior year, the company posted $0.98 EPS. The business’s revenue was up .1% on a year-over-year basis. On average, analysts predict that Wells Fargo & Co will post 4.78 earnings per share for the current fiscal 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 shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were paid a $0.51 dividend. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.14%. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.
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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