Titus Wealth Management Sells 280 Shares of Wells Fargo & Co (NYSE:WFC)

Titus Wealth Management trimmed its position in shares of Wells Fargo & Co (NYSE:WFC) by 1.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,038 shares of the financial services provider’s stock after selling 280 shares during the quarter. Wells Fargo & Co accounts for approximately 1.4% of Titus Wealth Management’s holdings, making the stock its 16th largest position. Titus Wealth Management’s holdings in Wells Fargo & Co were worth $1,374,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Schulhoff & Co. Inc. grew its position in shares of Wells Fargo & Co by 37.2% during the first quarter. Schulhoff & Co. Inc. now owns 7,382 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 2,002 shares in the last quarter. Baldwin Brothers Inc. MA grew its position in shares of Wells Fargo & Co by 0.8% during the first quarter. Baldwin Brothers Inc. MA now owns 31,723 shares of the financial services provider’s stock valued at $1,533,000 after purchasing an additional 263 shares in the last quarter. Exane Derivatives grew its position in shares of Wells Fargo & Co by 31.7% during the first quarter. Exane Derivatives now owns 8,737 shares of the financial services provider’s stock valued at $422,000 after purchasing an additional 2,102 shares in the last quarter. Gilman Hill Asset Management LLC grew its position in shares of Wells Fargo & Co by 18.3% during the first quarter. Gilman Hill Asset Management LLC now owns 12,745 shares of the financial services provider’s stock valued at $616,000 after purchasing an additional 1,970 shares in the last quarter. Finally, Osborne Partners Capital Management LLC grew its position in shares of Wells Fargo & Co by 13.3% during the first quarter. Osborne Partners Capital Management LLC now owns 231,466 shares of the financial services provider’s stock valued at $11,184,000 after purchasing an additional 27,247 shares in the last quarter. 75.25% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:WFC traded up $0.61 during trading on Wednesday, reaching $49.26. The company’s stock had a trading volume of 21,350,506 shares, compared to its average volume of 20,632,553. 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 has a 12 month low of $43.02 and a 12 month high of $55.04. The firm’s 50 day simple moving average is $46.65 and its two-hundred day simple moving average is $47.21. The stock has a market capitalization of $214.27 billion, a PE ratio of 11.25, a price-to-earnings-growth ratio of 0.95 and a beta of 1.09.



Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. During the same quarter last year, the firm earned $0.98 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. Research analysts anticipate that Wells Fargo & Co will post 4.78 EPS for the current fiscal year.

The company 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 represents a $2.04 annualized dividend and a yield of 4.14%. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 46.58%.

Wells Fargo & Co announced that its Board of Directors has initiated a stock buyback program on Thursday, June 27th that permits the company to repurchase $23.10 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

WFC has been the subject of a number of research analyst reports. BMO Capital Markets cut their price objective on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Macquarie lowered 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 research report on Wednesday, July 17th. Citigroup lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price objective for the company from $56.00 to $51.00 in a research report on Friday, July 12th. Piper Jaffray Companies set a $46.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a research report on Monday, September 9th. Finally, Morgan Stanley cut their price objective on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 17th. Five research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $50.74.

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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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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