Providence Capital Advisors LLC grew its stake in Wells Fargo & Co (NYSE:WFC) by 15,734.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,155 shares of the financial services provider’s stock after acquiring an additional 53,813 shares during the period. Wells Fargo & Co accounts for approximately 1.5% of Providence Capital Advisors LLC’s holdings, making the stock its 25th largest position. Providence Capital Advisors LLC’s holdings in Wells Fargo & Co were worth $2,563,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Grove Bank & Trust boosted its position in Wells Fargo & Co by 1.5% during the first quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock worth $710,000 after purchasing an additional 214 shares during the period. Gilbert & Cook Inc. increased its holdings in shares of Wells Fargo & Co by 0.6% in the second quarter. Gilbert & Cook Inc. now owns 40,447 shares of the financial services provider’s stock valued at $1,914,000 after purchasing an additional 225 shares during the last quarter. Legacy Bridge LLC raised its position in shares of Wells Fargo & Co by 1.2% in the first quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock valued at $928,000 after purchasing an additional 230 shares during the period. Telos Capital Management Inc. raised its position in shares of Wells Fargo & Co by 4.3% in the first quarter. Telos Capital Management Inc. now owns 5,624 shares of the financial services provider’s stock valued at $272,000 after purchasing an additional 234 shares during the period. Finally, Brand Asset Management Group Inc. raised its position 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 purchasing an additional 242 shares during the period. Institutional investors own 75.40% of the company’s stock.
Several analysts recently commented on WFC shares. Macquarie downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $54.00 to $47.00 in a report on Wednesday, July 17th. Odeon Capital Group raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. Morgan Stanley cut their price objective on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 17th. Finally, Buckingham Research reduced their price objective on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Five research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company’s stock. Wells Fargo & Co presently has an average rating of “Hold” and a consensus target price of $51.00.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 business had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.95 billion. During the same quarter in the prior year, the business posted $0.98 earnings per share. The firm’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities analysts forecast that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a $0.51 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.18%. Wells Fargo & Co’s payout ratio is currently 46.58%.
Wells Fargo & Co announced that its board has initiated a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
Wells Fargo & Co 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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