Chesapeake Wealth Management Raises Position in Wells Fargo & Co (WFC)

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Chesapeake Wealth Management boosted its stake in Wells Fargo & Co (NYSE:WFC) by 78.1% in the 2nd quarter, Holdings Channel reports. The firm owned 8,569 shares of the financial services provider’s stock after acquiring an additional 3,759 shares during the quarter. Chesapeake Wealth Management’s holdings in Wells Fargo & Co were worth $475,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of WFC. Sanders Capital LLC bought a new position in Wells Fargo & Co in the 2nd quarter valued at approximately $952,809,000. Magellan Asset Management Ltd lifted its stake in Wells Fargo & Co by 24.1% in the 1st quarter. Magellan Asset Management Ltd now owns 31,024,898 shares of the financial services provider’s stock valued at $1,626,015,000 after purchasing an additional 6,017,222 shares during the last quarter. Rockefeller Capital Management L.P. bought a new position in Wells Fargo & Co in the 1st quarter valued at approximately $154,981,000. Massachusetts Financial Services Co. MA lifted its stake in Wells Fargo & Co by 5.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 50,957,630 shares of the financial services provider’s stock valued at $2,670,689,000 after purchasing an additional 2,497,659 shares during the last quarter. Finally, Boston Partners lifted its stake in Wells Fargo & Co by 12.6% in the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock valued at $1,176,604,000 after purchasing an additional 2,372,583 shares during the last quarter. 75.77% of the stock is owned by institutional investors and hedge funds.

In other news, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction on Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the sale, the executive vice president now directly owns 109 shares in the company, valued at $6,323.09. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.

WFC stock opened at $57.40 on Friday. The firm has a market cap of $287.54 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 1.60 and a beta of 1.12. Wells Fargo & Co has a 52-week low of $49.43 and a 52-week high of $66.31. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.22.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Friday, July 13th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.12 by ($0.04). The business had revenue of $21.55 billion for the quarter, compared to the consensus estimate of $21.52 billion. Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. research analysts predict that Wells Fargo & Co will post 4.56 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Saturday, September 1st. Stockholders of record on Friday, August 10th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, August 9th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.39. This represents a $1.72 annualized dividend and a dividend yield of 3.00%. Wells Fargo & Co’s dividend payout ratio is 41.85%.

Several brokerages recently commented on WFC. Macquarie downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a research note on Friday. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Sunday, July 15th. Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $57.00 to $63.00 in a research note on Sunday, July 15th. They noted that the move was a valuation call. Susquehanna Bancshares set a $63.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 13th. Finally, Morgan Stanley raised shares of Wells Fargo & Co from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $57.00 to $62.00 in a research note on Monday, July 2nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $63.34.

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. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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

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