Wells Fargo & Co (WFC) Stake Lifted by Price Wealth Management Inc.
Price Wealth Management Inc. lifted its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 20.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,150 shares of the financial services provider’s stock after purchasing an additional 1,038 shares during the quarter. Price Wealth Management Inc.’s holdings in Wells Fargo & Co were worth $341,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Coyle Financial Counsel LLC bought a new stake in Wells Fargo & Co in the 1st quarter worth approximately $101,000. Landaas & Co. WI ADV bought a new stake in Wells Fargo & Co in the 2nd quarter worth approximately $117,000. Turim 21 Investimentos Ltda. bought a new stake in Wells Fargo & Co in the first quarter valued at approximately $177,000. Stelac Advisory Services LLC lifted its position in Wells Fargo & Co by 99.3% in the first quarter. Stelac Advisory Services LLC now owns 3,581 shares of the financial services provider’s stock valued at $188,000 after purchasing an additional 1,784 shares during the last quarter. Finally, Diligent Investors LLC bought a new stake in Wells Fargo & Co in the second quarter valued at approximately $200,000. 75.76% of the stock is owned by institutional investors.
In other Wells Fargo & Co news, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $58.71, for a total value of $5,871,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $58.01, for a total value of $1,450,250.00. Following the completion of the transaction, the executive vice president now directly owns 109 shares in the company, valued at approximately $6,323.09. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.
Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, July 13th. The financial services provider reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.04). Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. The firm had revenue of $21.55 billion during the quarter, compared to the consensus estimate of $21.52 billion. equities analysts predict that Wells Fargo & Co will post 4.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Saturday, September 1st. Shareholders of record on Friday, August 10th were issued a $0.43 dividend. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.39. The ex-dividend date was Thursday, August 9th. This represents a $1.72 dividend on an annualized basis and a yield of 3.13%. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.
Several brokerages have weighed in on WFC. Zacks Investment Research downgraded Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Macquarie downgraded 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. Morgan Stanley upgraded Wells Fargo & Co from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $57.00 to $62.00 in a research report on Monday, July 2nd. Keefe, Bruyette & Woods upgraded Wells Fargo & Co from a “market perform” rating to an “outperform” rating and boosted their price objective 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, Susquehanna Bancshares set a $63.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 13th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $63.34.
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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