Farmers National Bank trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,418 shares of the financial services provider’s stock after selling 50 shares during the period. Farmers National Bank’s holdings in Wells Fargo & were worth $524,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in WFC. TNB Financial bought a new position in Wells Fargo & during the first quarter valued at $12,425,000. Banced Corp bought a new position in Wells Fargo & during the first quarter valued at $203,000. Edge Wealth Management LLC grew its holdings in Wells Fargo & by 1.6% during the first quarter. Edge Wealth Management LLC now owns 57,777 shares of the financial services provider’s stock valued at $2,300,000 after purchasing an additional 920 shares during the period. ELM Advisors LLC grew its holdings in Wells Fargo & by 18.7% during the first quarter. ELM Advisors LLC now owns 4,450 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 700 shares during the period. Finally, Stokes & Hubbell Capital Management LLC grew its holdings in Wells Fargo & by 1.6% during the first quarter. Stokes & Hubbell Capital Management LLC now owns 50,813 shares of the financial services provider’s stock valued at $2,828,000 after purchasing an additional 806 shares during the period. 75.19% of the stock is owned by institutional investors and hedge funds.
Shares of Wells Fargo & Company (NYSE:WFC) traded down 0.41% on Wednesday, hitting $51.36. The stock had a trading volume of 5,958,931 shares. The company has a 50 day moving average price of $52.24 and a 200-day moving average price of $54.14. The stock has a market cap of $254.95 billion, a PE ratio of 12.65 and a beta of 0.96. Wells Fargo & Company has a 12 month low of $43.55 and a 12 month high of $59.99.
Wells Fargo & (NYSE:WFC) last announced its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.05. The firm had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The business’s revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.01 EPS. On average, equities research analysts anticipate that Wells Fargo & Company will post $4.16 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 4th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.03%. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Wednesday, August 2nd. Wells Fargo &’s dividend payout ratio is currently 38.42%.
Wells Fargo & announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $11.50 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
Several brokerages have weighed in on WFC. Buckingham Research reissued a “neutral” rating and set a $62.00 price objective (up from $60.00) on shares of Wells Fargo & in a report on Monday, July 10th. Keefe, Bruyette & Woods set a $62.00 price objective on Wells Fargo & and gave the company a “buy” rating in a report on Friday, May 19th. Piper Jaffray Companies reissued a “neutral” rating and set a $50.00 price objective (down from $52.00) on shares of Wells Fargo & in a report on Wednesday. Zacks Investment Research lowered Wells Fargo & from a “hold” rating to a “sell” rating in a report on Monday, June 19th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $62.00 price objective on shares of Wells Fargo & in a report on Thursday, June 8th. Six investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $55.77.
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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