Savant Capital LLC cut its stake in Wells Fargo & Co (NYSE:WFC) by 3.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,870 shares of the financial services provider’s stock after selling 1,498 shares during the period. Savant Capital LLC’s holdings in Wells Fargo & Co were worth $2,171,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of WFC. Brand Asset Management Group Inc. grew its position in Wells Fargo & Co by 96.8% during the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 242 shares during the last quarter. Orrstown Financial Services Inc. grew its position in Wells Fargo & Co by 125.9% during the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 287 shares during the last quarter. Evolution Wealth Advisors LLC bought a new stake in Wells Fargo & Co during the 2nd quarter worth approximately $25,000. Horan Capital Advisors LLC. bought a new stake in Wells Fargo & Co during the 1st quarter worth approximately $27,000. Finally, Next Capital Management LLC bought a new stake in Wells Fargo & Co during the 2nd quarter worth approximately $32,000. 76.34% of the stock is owned by institutional investors and hedge funds.
WFC traded down $0.92 during mid-day trading on Friday, reaching $44.70. The stock had a trading volume of 9,943,783 shares, compared to its average volume of 21,329,804. The stock has a market capitalization of $196.86 billion, a P/E ratio of 10.20, a P/E/G ratio of 0.87 and a beta of 1.08. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89. The firm’s fifty day simple moving average is $46.69 and its two-hundred day simple moving average is $47.50. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $59.48.
Wells Fargo & Co declared that its board has initiated a stock buyback program on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be given a $0.51 dividend. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 46.58%.
WFC has been the topic of a number of research analyst reports. Deutsche Bank set a $44.00 price target on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 26th. Macquarie lowered Wells Fargo & Co from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $54.00 to $47.00 in a research report on Wednesday, July 17th. Buckingham Research decreased their price objective on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Atlantic Securities lowered Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective on the stock. in a research report on Tuesday, June 11th. Finally, Citigroup lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $56.00 to $51.00 in a research report on Friday, July 12th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $51.12.
Wells Fargo & Co Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
Further Reading: Equity Income
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