Redmond Asset Management LLC Purchases Shares of 22,998 Wells Fargo & Co (NYSE:WFC)

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Redmond Asset Management LLC purchased a new stake in Wells Fargo & Co (NYSE:WFC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 22,998 shares of the financial services provider’s stock, valued at approximately $1,088,000.

Other large investors have also recently added to or reduced their stakes in the company. Daily Journal Corp lifted its position in shares of Wells Fargo & Co by 9,900.0% during the second quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after purchasing an additional 157,588,200 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Wells Fargo & Co by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock worth $2,375,189,000 after purchasing an additional 2,114,810 shares in the last quarter. Norges Bank acquired a new position in shares of Wells Fargo & Co during the fourth quarter worth approximately $2,004,580,000. Legal & General Group Plc lifted its position in shares of Wells Fargo & Co by 4.9% during the fourth quarter. Legal & General Group Plc now owns 20,391,629 shares of the financial services provider’s stock worth $939,635,000 after purchasing an additional 947,264 shares in the last quarter. Finally, Sanders Capital LLC lifted its position in shares of Wells Fargo & Co by 2.9% during the second quarter. Sanders Capital LLC now owns 17,546,738 shares of the financial services provider’s stock worth $915,731,000 after purchasing an additional 487,700 shares in the last quarter. Hedge funds and other institutional investors own 76.89% of the company’s stock.

NYSE:WFC traded down $0.07 during trading hours on Thursday, hitting $43.90. The stock had a trading volume of 618,278 shares, compared to its average volume of 22,285,064. Wells Fargo & Co has a one year low of $43.02 and a one year 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. The stock has a market cap of $200.13 billion, a P/E ratio of 10.02, a price-to-earnings-growth ratio of 0.88 and a beta of 1.08. The firm has a 50 day moving average price of $47.06.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The firm had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. During the same quarter in the prior year, the firm earned $0.98 earnings per share. The business’s quarterly revenue was up .1% on a year-over-year basis. As a group, sell-side analysts expect that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.

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

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 4.65%. The ex-dividend date of this dividend is Thursday, August 8th. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio is presently 46.58%.

A number of equities research analysts recently weighed in on the stock. Citigroup downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $56.00 to $51.00 in a research note on Friday, July 12th. Morgan Stanley dropped their price target on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 17th. JPMorgan Chase & Co. dropped their price target on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research note on Tuesday, July 9th. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Friday, July 26th. Finally, BMO Capital Markets dropped their price target on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $51.12.

About Wells Fargo & Co

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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