Wells Fargo & Co (NYSE:WFC) Shares Bought by Wrapmanager Inc.

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Wrapmanager Inc. boosted its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 8.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,940 shares of the financial services provider’s stock after acquiring an additional 480 shares during the quarter. Wrapmanager Inc.’s holdings in Wells Fargo & Co were worth $281,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of WFC. Daily Journal Corp grew its stake in shares of Wells Fargo & Co by 9,900.0% in the second quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after buying an additional 157,588,200 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Wells Fargo & Co by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after buying an additional 2,114,810 shares in the last quarter. Norges Bank acquired a new stake in shares of Wells Fargo & Co in the fourth quarter valued at $2,004,580,000. Legal & General Group Plc grew its stake in shares of Wells Fargo & Co by 4.9% in the fourth quarter. Legal & General Group Plc now owns 20,391,629 shares of the financial services provider’s stock valued at $939,635,000 after buying an additional 947,264 shares in the last quarter. Finally, Sanders Capital LLC grew its stake in shares of Wells Fargo & Co by 2.9% in the second quarter. Sanders Capital LLC now owns 17,546,738 shares of the financial services provider’s stock valued at $915,731,000 after buying an additional 487,700 shares in the last quarter. 76.89% of the stock is owned by institutional investors.

A number of equities research analysts have recently weighed in on the company. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price objective for the company. in a research note on Thursday, June 27th. Citigroup cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $56.00 to $51.00 in a research note on Friday, July 12th. UBS Group dropped their price objective on Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Deutsche Bank set a $44.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, Morgan Stanley decreased their target price on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a report on Wednesday, July 17th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $51.12.

NYSE:WFC opened at $44.18 on Thursday. The stock has a market capitalization of $200.13 billion, a price-to-earnings ratio of 10.09, a PEG ratio of 0.88 and a beta of 1.08. The company has a fifty day moving average of $47.06. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $59.53. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.14. The firm had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. Wells Fargo & Co’s revenue was up .1% compared to the same quarter last year. During the same period last year, the business posted $0.98 earnings per share. Equities analysts anticipate that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 4.62%. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s payout ratio is 46.58%.

Wells Fargo & Co announced that its Board of Directors has initiated a share buyback program on Thursday, June 27th that allows the company to buyback $23.10 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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