Executive Wealth Management LLC raised its stake in Wells Fargo & Co (NYSE:WFC) by 56.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,695 shares of the financial services provider’s stock after purchasing an additional 611 shares during the period. Executive Wealth Management LLC’s holdings in Wells Fargo & Co were worth $80,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Orrstown Financial Services Inc. grew its stake in shares of Wells Fargo & Co by 125.9% in the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 287 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Co in the second quarter valued at about $25,000. Horan Capital Advisors LLC. acquired a new position in shares of Wells Fargo & Co in the first quarter valued at about $27,000. Brand Asset Management Group Inc. grew its stake in shares of Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 242 shares in the last quarter. Finally, Nalls Sherbakoff Group LLC acquired a new position in shares of Wells Fargo & Co in the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 76.89% of the company’s stock.
WFC traded down $0.05 on Thursday, hitting $43.92. 602,475 shares of the stock were exchanged, compared to its average volume of 22,285,064. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53. The company has a 50-day moving average of $47.06. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $200.13 billion, a price-to-earnings ratio of 10.02, a price-to-earnings-growth ratio of 0.88 and a beta of 1.08.
Wells Fargo & Co announced that its board has authorized a stock buyback program on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits 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 stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be given a dividend of $0.51 per share. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 8th. This represents a $2.04 annualized dividend and a yield of 4.64%. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.
WFC has been the topic of several research reports. BMO Capital Markets decreased their price target on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Odeon Capital Group upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Morgan Stanley decreased their price target on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 17th. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target on the stock. in a research note on Thursday, June 27th. Finally, Citigroup downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price target for the company from $56.00 to $51.00 in a research note on Friday, July 12th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company. Wells Fargo & Co has an average rating of “Hold” and a consensus target price of $51.12.
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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