Wells Fargo & Company (WFC) Stake Increased by Stonebridge Capital Advisors LLC
Stonebridge Capital Advisors LLC raised its position in Wells Fargo & Company (NYSE:WFC) by 0.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 60,538 shares of the financial services provider’s stock after buying an additional 330 shares during the period. Stonebridge Capital Advisors LLC’s holdings in Wells Fargo & were worth $3,370,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the company. Alexandria Capital LLC raised its position 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 period. Winch Advisory Services LLC raised its position 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 period. Jackson Grant Investment Advisers Inc. raised its position in shares of Wells Fargo & by 0.5% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 4,928 shares of the financial services provider’s stock worth $274,000 after buying an additional 24 shares during the period. Keystone Financial Planning Inc. raised its position in shares of Wells Fargo & by 0.6% in the first quarter. Keystone Financial Planning Inc. now owns 6,755 shares of the financial services provider’s stock worth $376,000 after buying an additional 39 shares during the period. Finally, Advantage Investment Management LLC raised its position in shares of Wells Fargo & by 0.3% in the first quarter. Advantage Investment Management LLC now owns 19,991 shares of the financial services provider’s stock worth $1,113,000 after buying an additional 60 shares during the period. 76.05% of the stock is owned by institutional investors and hedge funds.
Shares of Wells Fargo & Company (NYSE WFC) traded up 0.09% during trading on Wednesday, reaching $52.90. The company’s stock had a trading volume of 3,316,006 shares. The stock has a 50 day moving average of $54.26 and a 200-day moving average of $54.93. The company has a market capitalization of $262.59 billion, a PE ratio of 13.03 and a beta of 0.95. Wells Fargo & Company has a 1-year low of $43.55 and a 1-year high of $59.99.
Wells Fargo & (NYSE:WFC) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.05. The firm had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The company’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.01 EPS. On average, analysts expect that Wells Fargo & Company will post $4.17 earnings per share for the current year.
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 issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend is Wednesday, August 2nd. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s payout ratio is currently 38.42%.
Wells Fargo & announced that its board has initiated a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods set a $62.00 target price on Wells Fargo & and gave the stock a “buy” rating in a research report on Friday, May 19th. Piper Jaffray Companies decreased their target price on Wells Fargo & from $55.00 to $52.00 and set a “neutral” rating for the company in a research report on Tuesday, April 18th. Buckingham Research reissued a “neutral” rating and issued a $62.00 target price (up previously from $60.00) on shares of Wells Fargo & in a research report on Monday, July 10th. Instinet decreased their target price 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. Finally, Zacks Investment Research lowered Wells Fargo & from a “hold” rating to a “sell” rating in a research report on Monday, June 19th. Six research 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. The stock currently has an average rating of “Hold” and a consensus target price of $55.87.
In related news, insider David M. Carroll sold 27,582 shares of the business’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $53.28, for a total value of $1,469,568.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mary T. Mack sold 38,988 shares of the business’s 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. Insiders sold a total of 131,278 shares of company stock worth $6,940,120 in the last quarter. Company insiders own 0.22% of the company’s stock.
Wells Fargo & 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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