Securian Asset Management Inc lessened its holdings in Wells Fargo & Co (NYSE:WFC) by 0.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 417,542 shares of the financial services provider’s stock after selling 1,626 shares during the period. Securian Asset Management Inc’s holdings in Wells Fargo & Co were worth $19,758,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Brand Asset Management Group Inc. lifted its stake in shares of 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 worth $31,000 after purchasing an additional 242 shares during the period. Orrstown Financial Services Inc. lifted its stake in shares of Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 287 shares during the period. Evolution Wealth Advisors LLC bought a new position in shares of Wells Fargo & Co in the 2nd quarter worth approximately $25,000. Horan Capital Advisors LLC. purchased a new stake in Wells Fargo & Co in the 1st quarter worth approximately $27,000. Finally, Next Capital Management LLC purchased a new stake in Wells Fargo & Co in the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 76.34% of the company’s stock.
WFC has been the subject of several analyst reports. Wolfe Research lowered shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Atlantic Securities lowered shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 target price for the company. in a report on Tuesday, June 11th. Morgan Stanley reduced their target price 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. BMO Capital Markets reduced their target price 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. Finally, Buckingham Research reduced their target price on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. Wells Fargo & Co currently has an average rating of “Hold” and an average price target of $51.12.
Shares of WFC stock traded down $0.31 on Tuesday, reaching $44.94. The company’s stock had a trading volume of 293,254 shares, compared to its average volume of 21,849,808. The stock’s fifty day simple moving average is $46.81 and its 200-day simple moving average is $47.55. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $59.53. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $196.91 billion, a price-to-earnings ratio of 10.25, a price-to-earnings-growth ratio of 0.86 and a beta of 1.08.
Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share 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 firm had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. During the same period last year, the firm posted $0.98 earnings per share. Wells Fargo & Co’s revenue for the quarter was up .1% compared to the same quarter last year. Equities research analysts forecast that Wells Fargo & Co will post 4.8 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be given a $0.51 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 dividend on an annualized basis and a yield of 4.54%. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 46.58%.
Wells Fargo & Co announced that its Board of Directors has initiated a share repurchase program on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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.
Read More: What is a front-end load?
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.