Wells Fargo & Company (NYSE:WFC) Position Lowered by Level Four Advisory Services LLC
Level Four Advisory Services LLC decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.3% during the first quarter, Holdings Channel reports. The fund owned 54,590 shares of the financial services provider’s stock after selling 143 shares during the period. Level Four Advisory Services LLC’s holdings in Wells Fargo & were worth $3,012,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the stock. Alexandria Capital LLC increased its stake in shares of Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock worth $102,000 after buying an additional 6 shares during the last quarter. Brick & Kyle Associates increased its stake in shares of Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock worth $103,000 after buying an additional 162 shares during the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in shares of Wells Fargo & during the first quarter worth about $124,000. Gradient Investments LLC increased its stake in shares of Wells Fargo & by 58.6% in the first quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock worth $139,000 after buying an additional 921 shares during the last quarter. Finally, Winch Advisory Services LLC increased its stake in shares of Wells Fargo & by 0.7% in the first quarter. Winch Advisory Services LLC now owns 2,756 shares of the financial services provider’s stock worth $153,000 after buying an additional 18 shares during the last quarter. 75.85% of the stock is currently owned by hedge funds and other institutional investors.
Wells Fargo & Company (NYSE:WFC) traded down 0.02% on Friday, hitting $51.94. 14,714,450 shares of the company were exchanged. The stock’s 50-day moving average price is $54.25 and its 200-day moving average price is $55.00. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99. The stock has a market capitalization of $257.83 billion, a P/E ratio of 12.79 and a beta of 0.95.
Wells Fargo & (NYSE:WFC) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The firm had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $22.23 billion. During the same period in the prior year, the company earned $1.01 EPS. The firm’s revenue was up .2% compared to the same quarter last year. On average, equities research analysts anticipate that Wells Fargo & Company will post $4.17 earnings per share for the current fiscal year.
Wells Fargo & declared that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $11.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be paid a $0.39 dividend. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.00%. The ex-dividend date is Wednesday, August 2nd. Wells Fargo &’s dividend payout ratio is currently 38.42%.
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A number of analysts have recently issued reports on the stock. BidaskClub raised shares of Wells Fargo & from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. BMO Capital Markets raised shares of Wells Fargo & from an “underperform” rating to a “market perform” rating and dropped their price target for the company from $50.00 to $47.00 in a report on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Wells Fargo & in a report on Sunday, July 30th. Keefe, Bruyette & Woods reaffirmed an “overweight” rating on shares of Wells Fargo & in a report on Thursday, July 13th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $60.00 price objective on shares of Wells Fargo & in a research note on Friday, July 28th. Six investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $55.87.
In related news, insider Hope A. Hardison sold 20,000 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $52.07, for a total value of $1,041,400.00. Following the completion of the transaction, the insider now directly owns 109 shares of the company’s stock, valued at approximately $5,675.63. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mary T. Mack sold 38,988 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $52.58, for a total value of $2,049,989.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 131,278 shares of company stock valued at $6,940,120. 0.22% of the stock is owned by corporate insiders.
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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