Condor Capital Management Lowers Stake in Wells Fargo & Co. (WFC)
Condor Capital Management reduced its stake in Wells Fargo & Co. (NYSE:WFC) by 1.3% during the second quarter, Holdings Channel reports. The institutional investor owned 18,198 shares of the financial services provider’s stock after selling 235 shares during the period. Condor Capital Management’s holdings in Wells Fargo & Co. were worth $861,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Wells Fargo & Co. during the fourth quarter worth $2,695,119,000. Alecta Pensionsforsakring Omsesidigt bought a new stake in shares of Wells Fargo & Co. during the first quarter worth $698,802,000. Ruane Cunniff & Goldfarb Inc. boosted its stake in shares of Wells Fargo & Co. by 5,580.0% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,242,602 shares of the financial services provider’s stock worth $248,132,000 after buying an additional 5,150,302 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Wells Fargo & Co. by 8.8% in the first quarter. BlackRock Fund Advisors now owns 57,985,130 shares of the financial services provider’s stock worth $2,804,161,000 after buying an additional 4,695,036 shares during the period. Finally, Wellington Management Group LLP boosted its stake in shares of Wells Fargo & Co. by 2.7% in the first quarter. Wellington Management Group LLP now owns 131,270,916 shares of the financial services provider’s stock worth $6,348,262,000 after buying an additional 3,450,553 shares during the period. Institutional investors and hedge funds own 74.01% of the company’s stock.
Wells Fargo & Co. (NYSE:WFC) traded down 1.56% during midday trading on Friday, reaching $45.43. The company’s stock had a trading volume of 51,871,380 shares. The firm’s 50-day moving average price is $48.71 and its 200-day moving average price is $48.74. The stock has a market capitalization of $229.22 billion, a PE ratio of 11.22 and a beta of 0.90. Wells Fargo & Co. has a 52 week low of $44.50 and a 52 week high of $56.34.
Wells Fargo & Co. (NYSE:WFC) last released its earnings results on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.01. Wells Fargo & Co. had a return on equity of 12.95% and a net margin of 24.33%. The company had revenue of $22.20 billion for the quarter. During the same quarter in the previous year, the firm posted $1.03 EPS. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts anticipate that Wells Fargo & Co. will post $4.02 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 5th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Wednesday, August 3rd. Wells Fargo & Co.’s payout ratio is 37.25%.
A number of equities research analysts recently weighed in on the company. Deutsche Bank AG restated a “buy” rating and set a $59.00 price objective on shares of Wells Fargo & Co. in a research note on Friday. Atlantic Securities cut Wells Fargo & Co. from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $46.15 to $44.00 in a research note on Friday. Barclays PLC decreased their price objective on Wells Fargo & Co. from $61.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday. Piper Jaffray Cos. restated an “underweight” rating and set a $45.00 price objective on shares of Wells Fargo & Co. in a research note on Wednesday. Finally, Vetr upgraded Wells Fargo & Co. from a “sell” rating to a “hold” rating and set a $46.98 price objective for the company in a research note on Tuesday, September 13th. Six equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have assigned a buy rating to the company. Wells Fargo & Co. has a consensus rating of “Hold” and an average price target of $52.29.
In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the transaction, the chief operating officer now owns 650,815 shares in the company, valued at approximately $31,837,869.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.
Wells Fargo & Co. Company Profile
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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