Laurel Wealth Advisors Inc. grew its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 34.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 52,673 shares of the financial services provider’s stock after buying an additional 13,378 shares during the period. Laurel Wealth Advisors Inc.’s holdings in Wells Fargo & Co were worth $2,492,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Evolution Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co in the 2nd quarter worth approximately $25,000. Horan Capital Advisors LLC. acquired a new stake in shares of Wells Fargo & Co in the 1st quarter worth approximately $27,000. Brand Asset Management Group Inc. grew its holdings in shares of Wells Fargo & Co by 96.8% in 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 period. Next Capital Management LLC acquired a new stake in shares of Wells Fargo & Co in the 2nd quarter worth approximately $32,000. Finally, Financial Gravity Wealth Inc. acquired a new stake in shares of Wells Fargo & Co in the 1st quarter worth approximately $37,000. Institutional investors own 75.40% of the company’s stock.
A number of research firms recently weighed in on WFC. Atlantic Securities cut Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target on the stock. in a report on Tuesday, June 11th. UBS Group cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $51.00 to $49.00 in a report on Tuesday. Morgan Stanley lowered their price target on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 17th. JPMorgan Chase & Co. reduced their target price on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th. Finally, Deutsche Bank set a $44.00 target price on Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 26th. Five investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $50.74.
Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same quarter in the prior year, the company earned $0.98 EPS. Wells Fargo & Co’s revenue was up .1% on a year-over-year basis. On average, sell-side analysts predict that Wells Fargo & Co will post 4.77 earnings per share for the current year.
Wells Fargo & Co declared that its Board of Directors has authorized a share repurchase program on Thursday, June 27th that allows the company to buyback $23.10 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend was Thursday, August 8th. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.
Wells Fargo & Co Company 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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