Hartford Financial Management Inc. Boosts Stake in Wells Fargo & Co. (WFC)
Hartford Financial Management Inc. boosted its position in Wells Fargo & Co. (NYSE:WFC) by 0.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 44,545 shares of the financial services provider’s stock after buying an additional 100 shares during the period. Wells Fargo & Co. comprises approximately 1.3% of Hartford Financial Management Inc.’s portfolio, making the stock its 28th largest position. Hartford Financial Management Inc.’s holdings in Wells Fargo & Co. were worth $2,108,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of WFC. Sun Life Financial INC purchased a new stake in shares of Wells Fargo & Co. during the first quarter worth approximately $93,093,000. Brick & Kyle Associates boosted its stake in shares of Wells Fargo & Co. by 10.6% in the first quarter. Brick & Kyle Associates now owns 3,153 shares of the financial services provider’s stock worth $152,000 after buying an additional 303 shares in the last quarter. Ironwood Financial llc purchased a new stake in shares of Wells Fargo & Co. during the first quarter worth approximately $182,000. Financial Advisory Group boosted its stake in shares of Wells Fargo & Co. by 0.5% in the first quarter. Financial Advisory Group now owns 4,264 shares of the financial services provider’s stock worth $206,000 after buying an additional 22 shares in the last quarter. Finally, Benin Management CORP boosted its stake in shares of Wells Fargo & Co. by 9.2% in the second quarter. Benin Management CORP now owns 4,771 shares of the financial services provider’s stock worth $226,000 after buying an additional 400 shares in the last quarter. 74.01% of the stock is owned by institutional investors.
Shares of Wells Fargo & Co. (NYSE:WFC) traded down 1.56% during mid-day trading on Friday, hitting $45.43. The stock had a trading volume of 51,871,380 shares. The stock has a market cap of $229.22 billion, a P/E ratio of 11.22 and a beta of 0.90. The company’s 50 day moving average price is $48.71 and its 200 day moving average price is $48.74. Wells Fargo & Co. has a 12-month low of $44.50 and a 12-month high of $56.34.
Wells Fargo & Co. (NYSE:WFC) last announced its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.01. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The company earned $22.20 billion during the quarter. During the same period in the prior year, the firm earned $1.03 earnings per share. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Co. will post $4.02 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 5th were paid a dividend of $0.38 per share. The ex-dividend date was Wednesday, August 3rd. This represents a $1.52 annualized dividend and a dividend yield of 3.35%. Wells Fargo & Co.’s dividend payout ratio is presently 37.25%.
A number of analysts have commented on the company. Barclays PLC reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Saturday, July 9th. Nomura reissued a “buy” rating on shares of Wells Fargo & Co. in a report on Saturday, July 9th. FBR & Co reissued a “buy” rating and issued a $63.00 price objective on shares of Wells Fargo & Co. in a report on Wednesday, June 1st. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & Co. in a report on Sunday, June 26th. Finally, Zacks Investment Research cut Wells Fargo & Co. from a “hold” rating to a “sell” rating in a report on Wednesday, June 15th. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $52.29.
In related news, COO Timothy J. Sloan sold 20,500 shares of Wells Fargo & Co. stock in a transaction on Monday, August 8th. The shares were 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.
About Wells Fargo & Co.
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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