Zurich Insurance Group Ltd FI lowered its stake in shares of Wells Fargo & Co (NYSE:WFC) by 15.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 728,970 shares of the financial services provider’s stock after selling 130,440 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Wells Fargo & Co were worth $34,495,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Coastal Capital Group Inc. acquired a new stake in shares of Wells Fargo & Co during the 2nd quarter valued at approximately $78,000. Little House Capital LLC increased its position in Wells Fargo & Co by 372.8% in the second quarter. Little House Capital LLC now owns 149,639 shares of the financial services provider’s stock worth $7,081,000 after buying an additional 117,987 shares during the period. Cibc Bank USA increased its position in Wells Fargo & Co by 15.4% in the second quarter. Cibc Bank USA now owns 28,181 shares of the financial services provider’s stock worth $1,334,000 after buying an additional 3,756 shares during the period. Harrington Investments INC acquired a new stake in Wells Fargo & Co in the first quarter worth $203,000. Finally, Assenagon Asset Management S.A. increased its position in Wells Fargo & Co by 72.1% in the first quarter. Assenagon Asset Management S.A. now owns 34,115 shares of the financial services provider’s stock worth $1,648,000 after buying an additional 14,291 shares during the period. 75.29% of the stock is owned by institutional investors.
WFC traded down $0.05 during midday trading on Friday, reaching $48.86. The company’s stock had a trading volume of 711,803 shares, compared to its average volume of 17,868,290. The stock has a market cap of $214.84 billion, a P/E ratio of 11.13, a PEG ratio of 0.95 and a beta of 1.09. The company has a fifty day simple moving average of $46.53 and a 200 day simple moving average of $47.24. 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 twelve month low of $43.02 and a twelve month high of $55.81.
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, beating the Zacks’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same quarter last year, the firm posted $0.98 EPS. The company’s revenue was up .1% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Co will post 4.77 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were paid a $0.51 dividend. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 8th. This represents a $2.04 annualized dividend and a yield of 4.18%. Wells Fargo & Co’s payout ratio is currently 46.58%.
Wells Fargo & Co announced that its Board of Directors has approved a stock buyback plan on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
A number of research analysts have recently commented on the company. Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target on the stock. in a report on Thursday, June 27th. Macquarie lowered Wells Fargo & Co from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $54.00 to $47.00 in a report on Wednesday, July 17th. Deutsche Bank set a $44.00 price target on Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. Citigroup cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their target price for the company from $56.00 to $51.00 in a research note on Friday, July 12th. Finally, BMO Capital Markets decreased their target price on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price 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.
See Also: Earnings Per Share (EPS)
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