Vivaldi Capital Management LLC purchased a new position in shares of Wells Fargo & Co (NYSE:WFC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,943 shares of the financial services provider’s stock, valued at approximately $423,000.
Other institutional investors also recently made changes to their positions in the company. Coastal Capital Group Inc. bought a new stake in Wells Fargo & Co in the 2nd quarter worth about $78,000. Little House Capital LLC grew its holdings in shares of Wells Fargo & Co by 372.8% in the second quarter. Little House Capital LLC now owns 149,639 shares of the financial services provider’s stock valued at $7,081,000 after acquiring an additional 117,987 shares in the last quarter. Cibc Bank USA grew its holdings in shares of Wells Fargo & Co by 15.4% in the second quarter. Cibc Bank USA now owns 28,181 shares of the financial services provider’s stock valued at $1,334,000 after acquiring an additional 3,756 shares in the last quarter. Harrington Investments INC bought a new position in shares of Wells Fargo & Co in the first quarter valued at approximately $203,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Wells Fargo & Co by 72.1% in the first quarter. Assenagon Asset Management S.A. now owns 34,115 shares of the financial services provider’s stock valued at $1,648,000 after acquiring an additional 14,291 shares in the last quarter. Institutional investors and hedge funds own 75.29% of the company’s stock.
NYSE WFC traded down $0.28 on Friday, hitting $48.63. 30,254,595 shares of the stock traded hands, compared to its average volume of 18,219,860. The business’s fifty day moving average is $46.53 and its two-hundred day moving average is $47.23. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $55.81. The firm has a market capitalization of $215.59 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 0.96 and a beta of 1.09. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89.
The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were paid a dividend of $0.51 per share. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 8th. This represents a $2.04 annualized dividend and a dividend yield of 4.19%. Wells Fargo & Co’s dividend payout ratio is presently 46.58%.
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 shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Several research firms have recently issued reports on WFC. UBS Group lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their target price for the company from $51.00 to $49.00 in a report on Tuesday, September 10th. BMO Capital Markets reduced their price objective on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Piper Jaffray Companies set a $46.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a research note on Monday, September 9th. Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $54.00 to $47.00 in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. reduced their price objective on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research note on Tuesday, July 9th. Five investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the company’s stock. Wells Fargo & Co presently has an average rating of “Hold” and an average target price of $50.74.
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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