Columbia Asset Management decreased its stake in Wells Fargo & Company (NYSE:WFC) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 21,643 shares of the financial services provider’s stock after selling 123 shares during the period. Columbia Asset Management’s holdings in Wells Fargo & were worth $1,204,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in WFC. Pennsylvania Trust Co grew its stake in Wells Fargo & by 3.3% during the first quarter. Pennsylvania Trust Co now owns 174,094 shares of the financial services provider’s stock valued at $9,690,000 after acquiring an additional 5,498 shares in the last quarter. Legacy Private Trust Co. grew its stake in Wells Fargo & by 4.8% during the first quarter. Legacy Private Trust Co. now owns 12,843 shares of the financial services provider’s stock valued at $715,000 after acquiring an additional 588 shares in the last quarter. Highland Capital Management LLC grew its stake in Wells Fargo & by 25.9% during the first quarter. Highland Capital Management LLC now owns 230,904 shares of the financial services provider’s stock valued at $12,852,000 after acquiring an additional 47,560 shares in the last quarter. Gradient Investments LLC grew its stake in Wells Fargo & by 58.6% during the first quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock valued at $139,000 after acquiring an additional 921 shares in the last quarter. Finally, CrestPoint Capital Management LLC grew its stake in Wells Fargo & by 2.2% during the first quarter. CrestPoint Capital Management LLC now owns 32,400 shares of the financial services provider’s stock valued at $1,803,000 after acquiring an additional 700 shares in the last quarter. 75.19% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on WFC shares. UBS AG reiterated a “neutral” rating and set a $56.00 target price (down from $59.00) on shares of Wells Fargo & in a research report on Friday. Piper Jaffray Companies restated a “neutral” rating and issued a $50.00 price objective (down from $52.00) on shares of Wells Fargo & in a report on Wednesday. Berenberg Bank lowered shares of Wells Fargo & from a “hold” rating to a “sell” rating and upped their price target for the company from $35.00 to $45.00 in a report on Friday, July 21st. Robert W. Baird reiterated a “buy” rating and set a $58.00 price target on shares of Wells Fargo & in a report on Tuesday, September 5th. Finally, Keefe, Bruyette & Woods reiterated an “overweight” rating on shares of Wells Fargo & in a report on Thursday, July 13th. Seven investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $55.47.
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Wells Fargo & Company (NYSE WFC) traded up 0.0680% on Friday, hitting $51.3249. 7,715,578 shares of the company were exchanged. The stock’s 50-day moving average price is $52.01 and its 200-day moving average price is $54.08. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99. The stock has a market capitalization of $254.77 billion, a P/E ratio of 12.6416 and a beta of 0.96.
Wells Fargo & (NYSE:WFC) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.02 by $0.05. The business had revenue of $22.20 billion during the quarter, compared to analysts’ expectations 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 period last year, the firm earned $1.01 EPS. On average, equities research analysts anticipate that Wells Fargo & Company will post $4.16 earnings per share for the current fiscal year.
Wells Fargo & declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to buyback $11.50 billion in shares. This buyback authorization permits the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 4th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, August 2nd. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.04%. Wells Fargo &’s payout ratio is currently 38.42%.
Wells Fargo & 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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