ERTS Wealth Advisors LLC lowered its stake in shares of Wells Fargo & Co (NYSE:WFC) by 5.6% during the second quarter, HoldingsChannel reports. The firm owned 17,304 shares of the financial services provider’s stock after selling 1,021 shares during the quarter. ERTS Wealth Advisors LLC’s holdings in Wells Fargo & Co were worth $819,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Laurel Wealth Advisors Inc. increased its holdings in shares of Wells Fargo & Co by 34.0% during the 2nd quarter. Laurel Wealth Advisors Inc. now owns 52,673 shares of the financial services provider’s stock worth $2,492,000 after acquiring an additional 13,378 shares during the last quarter. Qtron Investments LLC grew its holdings in Wells Fargo & Co by 34.1% in the 2nd quarter. Qtron Investments LLC now owns 15,672 shares of the financial services provider’s stock valued at $742,000 after buying an additional 3,983 shares in the last quarter. Truvvo Partners LLC grew its holdings in Wells Fargo & Co by 70.3% in the 2nd quarter. Truvvo Partners LLC now owns 19,578 shares of the financial services provider’s stock valued at $926,000 after buying an additional 8,079 shares in the last quarter. Dana Investment Advisors Inc. grew its holdings in Wells Fargo & Co by 32.3% in the 2nd quarter. Dana Investment Advisors Inc. now owns 7,042 shares of the financial services provider’s stock valued at $333,000 after buying an additional 1,718 shares in the last quarter. Finally, ETRADE Capital Management LLC grew its holdings in Wells Fargo & Co by 21.9% in the 2nd quarter. ETRADE Capital Management LLC now owns 69,112 shares of the financial services provider’s stock valued at $3,270,000 after buying an additional 12,431 shares in the last quarter. Institutional investors own 75.40% of the company’s stock.
WFC has been the topic of a number of research reports. Piper Jaffray Companies set a $46.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a report on Monday. UBS Group lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $51.00 to $49.00 in a report on Tuesday. Atlantic Securities lowered Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective on the stock. in a report on Tuesday, June 11th. Odeon Capital Group raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, Morgan Stanley decreased their price objective on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 17th. Five equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $50.74.
Shares of WFC traded up $0.46 during trading hours on Friday, hitting $49.11. 340,799 shares of the company were exchanged, compared to its average volume of 17,955,578. The company has a market cap of $212.86 billion, a price-to-earnings ratio of 11.20, a P/E/G ratio of 0.94 and a beta of 1.09. Wells Fargo & Co has a fifty-two week low of $43.02 and a fifty-two week high of $56.25. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The firm’s fifty day moving average is $46.50 and its 200 day moving average is $47.26.
Wells Fargo & Co (NYSE:WFC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.14. The company had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. Wells Fargo & Co’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 EPS. Analysts anticipate that Wells Fargo & Co will post 4.77 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a dividend of $0.51 per share. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend was Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is 46.58%.
Wells Fargo & Co announced that its board has initiated a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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. 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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