Wells Fargo & Co (WFC) Holdings Boosted by EdgePoint Investment Group Inc.
EdgePoint Investment Group Inc. boosted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 5.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,077,437 shares of the financial services provider’s stock after purchasing an additional 691,477 shares during the quarter. Wells Fargo & Co comprises approximately 9.0% of EdgePoint Investment Group Inc.’s investment portfolio, making the stock its biggest position. EdgePoint Investment Group Inc. owned about 0.27% of Wells Fargo & Co worth $725,013,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in WFC. Coyle Financial Counsel LLC bought a new position in Wells Fargo & Co during the first quarter worth $101,000. Landaas & Co. WI ADV bought a new position in Wells Fargo & Co during the second quarter worth $117,000. Stelac Advisory Services LLC boosted its position in Wells Fargo & Co by 99.3% during the first quarter. Stelac Advisory Services LLC now owns 3,581 shares of the financial services provider’s stock worth $188,000 after purchasing an additional 1,784 shares during the period. Diligent Investors LLC bought a new position in Wells Fargo & Co during the second quarter worth $200,000. Finally, Day & Ennis LLC bought a new position in Wells Fargo & Co during the second quarter worth $202,000. 77.53% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Hope A. Hardison sold 25,000 shares of the company’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the sale, the executive vice president now owns 109 shares of the company’s stock, valued at $6,323.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Avid Modjtabai sold 100,000 shares of the company’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Friday, July 13th. The financial services provider reported $1.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.12 by ($0.04). Wells Fargo & Co had a return on equity of 12.38% and a net margin of 22.03%. The firm had revenue of $21.55 billion for the quarter, compared to the consensus estimate of $21.52 billion. analysts anticipate that Wells Fargo & Co will post 4.55 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, September 1st. Investors of record on Friday, August 10th were given a dividend of $0.43 per share. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Thursday, August 9th. This represents a $1.72 annualized dividend and a yield of 3.13%. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.
WFC has been the subject of a number of research analyst reports. Morgan Stanley raised shares of Wells Fargo & Co from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $57.00 to $62.00 in a research report on Monday, July 2nd. Zacks Investment Research raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a research report on Saturday, July 7th. Susquehanna Bancshares set a $63.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 13th. Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $57.00 to $63.00 in a research report on Sunday, July 15th. They noted that the move was a valuation call. Finally, Macquarie cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $63.28.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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