Wells Fargo & Co (WFC) Stake Boosted by Loudon Investment Management LLC
Loudon Investment Management LLC raised its stake in Wells Fargo & Co (NYSE:WFC) by 8.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,296 shares of the financial services provider’s stock after buying an additional 2,200 shares during the period. Loudon Investment Management LLC’s holdings in Wells Fargo & Co were worth $1,575,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Insight 2811 Inc. boosted its position in Wells Fargo & Co by 8.8% in the first quarter. Insight 2811 Inc. now owns 6,777 shares of the financial services provider’s stock valued at $377,000 after buying an additional 551 shares in the last quarter. HPM Partners LLC boosted its position in Wells Fargo & Co by 160.6% in the first quarter. HPM Partners LLC now owns 125,880 shares of the financial services provider’s stock valued at $7,006,000 after buying an additional 77,572 shares in the last quarter. Boston Partners boosted its position in Wells Fargo & Co by 50.0% in the first quarter. Boston Partners now owns 7,948,841 shares of the financial services provider’s stock valued at $442,432,000 after buying an additional 2,648,763 shares in the last quarter. Girard Partners LTD. boosted its position in Wells Fargo & Co by 2.8% in the first quarter. Girard Partners LTD. now owns 71,318 shares of the financial services provider’s stock valued at $3,970,000 after buying an additional 1,944 shares in the last quarter. Finally, Flinton Capital Management LLC boosted its position in Wells Fargo & Co by 0.8% in the first quarter. Flinton Capital Management LLC now owns 604,384 shares of the financial services provider’s stock valued at $33,640,000 after buying an additional 4,848 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.
Wells Fargo & Co (NYSE WFC) traded up 0.33% during midday trading on Wednesday, hitting $51.59. The company had a trading volume of 2,380,136 shares. The firm has a market capitalization of $256.09 billion, a P/E ratio of 12.71 and a beta of 0.95. Wells Fargo & Co has a 1-year low of $43.55 and a 1-year high of $59.99. The company has a 50 day moving average price of $53.60 and a 200 day moving average price of $54.71.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.05. Wells Fargo & Co had a net margin of 26.38% and a return on equity of 12.20%. The company had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. During the same period in the prior year, the business posted $1.01 earnings per share. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. Equities research analysts forecast that Wells Fargo & Co will post $4.17 earnings per share for the current fiscal 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 given a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, August 2nd. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.03%. Wells Fargo & Co’s dividend payout ratio is currently 38.42%.
Wells Fargo & Co announced that its board has approved a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Several research firms have recently weighed in on WFC. Keefe, Bruyette & Woods set a $61.00 price target on Wells Fargo & Co and gave the stock a “buy” rating in a research note on Friday, August 25th. BidaskClub cut Wells Fargo & Co from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. BMO Capital Markets upgraded Wells Fargo & Co from an “underperform” rating to a “market perform” rating and decreased their price target for the stock from $50.00 to $47.00 in a research note on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies restated a “hold” rating on shares of Wells Fargo & Co in a research note on Sunday, July 30th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $60.00 price target on shares of Wells Fargo & Co in a research note on Friday, July 28th. Six analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $55.83.
In other news, insider Michael J. Loughlin sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $52.16, for a total value of $1,043,200.00. Following the sale, the insider now directly owns 7 shares in the company, valued at $365.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Petros G. Pelos sold 24,708 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were 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 sold 131,278 shares of company stock worth $6,940,120 over the last quarter. Company insiders own 0.22% of the company’s stock.
Wells Fargo & Co Company Profile
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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