BB&T Corp Sells 13,519 Shares of Wells Fargo & Company (WFC)
BB&T Corp lowered its stake in Wells Fargo & Company (NYSE:WFC) by 3.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 391,649 shares of the financial services provider’s stock after selling 13,519 shares during the period. BB&T Corp’s holdings in Wells Fargo & were worth $21,702,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Alexandria Capital LLC raised its position in Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after buying an additional 6 shares during the period. Brick & Kyle Associates raised its position in Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after buying an additional 162 shares during the period. Signature Estate & Investment Advisors LLC acquired a new position in Wells Fargo & during the first quarter valued at $124,000. Gradient Investments LLC raised its position in Wells Fargo & by 58.6% in the first quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock valued at $139,000 after buying an additional 921 shares during the period. Finally, America First Investment Advisors LLC raised its position in Wells Fargo & by 8.3% in the second quarter. America First Investment Advisors LLC now owns 2,612 shares of the financial services provider’s stock valued at $145,000 after buying an additional 200 shares during the period. 76.05% of the stock is currently owned by hedge funds and other institutional investors.
Wells Fargo & Company (NYSE WFC) traded up 0.028% during trading on Wednesday, reaching $52.865. The company had a trading volume of 4,418,630 shares. The firm’s 50 day moving average price is $54.26 and its 200 day moving average price is $54.94. Wells Fargo & Company has a 12-month low of $43.55 and a 12-month high of $59.99. The firm has a market capitalization of $262.42 billion, a PE ratio of 13.021 and a beta of 0.95.
Wells Fargo & (NYSE:WFC) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. The business had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The company’s revenue was up .2% compared to the same quarter last year. During the same quarter last year, the company posted $1.01 EPS. Equities research analysts forecast that Wells Fargo & Company will post $4.17 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Wednesday, August 2nd. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio (DPR) is currently 38.42%.
Wells Fargo & declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to buyback $11.50 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
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WFC has been the subject of several research analyst reports. Instinet lowered their price objective on Wells Fargo & from $65.00 to $64.00 and set a “buy” rating for the company in a research report on Wednesday, April 19th. Vetr raised Wells Fargo & from a “hold” rating to a “buy” rating and set a $57.21 price objective for the company in a research report on Wednesday, May 10th. Keefe, Bruyette & Woods set a $62.00 price objective on Wells Fargo & and gave the stock a “buy” rating in a research report on Friday, May 19th. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a research report on Monday, July 3rd. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $60.00 price objective on shares of Wells Fargo & in a research report on Friday, July 28th. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $55.87.
In other news, insider Michael J. Loughlin sold 20,000 shares of Wells Fargo & stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $52.16, for a total transaction of $1,043,200.00. Following the transaction, the insider now owns 7 shares in the company, valued at approximately $365.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Petros G. Pelos sold 24,708 shares of Wells Fargo & stock in a transaction on Monday, June 12th. The stock was sold at an average price of $54.07, for a total transaction of $1,335,961.56. The disclosure for this sale can be found here. Insiders have sold a total of 131,278 shares of company stock worth $6,940,120 in the last quarter. Corporate insiders own 0.22% of the company’s stock.
About Wells Fargo &
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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