Rock Creek Group LP boosted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 16.4% during the second quarter, Holdings Channel reports. The firm owned 6,212 shares of the financial services provider’s stock after purchasing an additional 875 shares during the quarter. Rock Creek Group LP’s holdings in Wells Fargo & Company were worth $281,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently modified their holdings of WFC. Avantax Planning Partners Inc. raised its position in Wells Fargo & Company by 10.8% in the second quarter. Avantax Planning Partners Inc. now owns 45,945 shares of the financial services provider’s stock worth $2,081,000 after acquiring an additional 4,465 shares during the period. Edgestream Partners L.P. bought a new position in Wells Fargo & Company in the second quarter worth approximately $1,090,000. Gulf International Bank UK Ltd raised its position in Wells Fargo & Company by 6.0% in the second quarter. Gulf International Bank UK Ltd now owns 817,005 shares of the financial services provider’s stock worth $37,002,000 after acquiring an additional 46,285 shares during the period. Tower Bridge Advisors raised its position in Wells Fargo & Company by 65.6% in the second quarter. Tower Bridge Advisors now owns 20,950 shares of the financial services provider’s stock worth $949,000 after acquiring an additional 8,300 shares during the period. Finally, Connors Investor Services Inc. bought a new position in Wells Fargo & Company in the second quarter worth approximately $10,961,000. Institutional investors own 70.82% of the company’s stock.
Several research firms have weighed in on WFC. Evercore ISI reiterated a “buy” rating and issued a $49.00 price target on shares of Wells Fargo & Company in a research report on Friday, September 10th. TheStreet downgraded shares of Wells Fargo & Company from a “b” rating to a “c+” rating in a research report on Friday, July 30th. Barclays increased their price target on shares of Wells Fargo & Company from $46.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 15th. Royal Bank of Canada increased their price objective on shares of Wells Fargo & Company from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 7th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Wells Fargo & Company in a research note on Wednesday, July 7th. They issued an “outperform” rating and a $57.00 price objective for the company. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $47.52.
Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 13th. The financial services provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.40. Wells Fargo & Company had a net margin of 19.79% and a return on equity of 9.85%. The business had revenue of $20.27 billion during the quarter, compared to analysts’ expectations of $17.69 billion. During the same period last year, the company posted ($0.66) EPS. The business’s revenue was up 10.8% on a year-over-year basis. On average, analysts expect that Wells Fargo & Company will post 4.37 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Friday, August 6th were paid a $0.20 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.10. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend was Thursday, August 5th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 145.45%.
About Wells Fargo & Company
Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.
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