Peapack Gladstone Financial Corp Has $5.60 Million Position in Wells Fargo & Company (WFC)
Peapack Gladstone Financial Corp lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 5.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 100,677 shares of the financial services provider’s stock after selling 5,704 shares during the period. Peapack Gladstone Financial Corp’s holdings in Wells Fargo & were worth $5,604,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in WFC. Alexandria Capital LLC increased its position in Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after buying an additional 6 shares during the period. Rocky Mountain Advisers LLC increased its position in Wells Fargo & by 117.6% in the fourth quarter. Rocky Mountain Advisers LLC now owns 1,850 shares of the financial services provider’s stock valued at $102,000 after buying an additional 1,000 shares during the period. Brick & Kyle Associates increased its position in Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after buying an additional 162 shares during the period. Signature Estate & Investment Advisors LLC bought a new position in Wells Fargo & during the first quarter valued at $124,000. Finally, Gradient Investments LLC increased its position in Wells Fargo & by 58.6% in the first quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock valued at $139,000 after buying an additional 921 shares during the period. Institutional investors own 75.85% of the company’s stock.
Wells Fargo & Company (NYSE:WFC) opened at 52.84 on Monday. The stock has a market cap of $262.44 billion, a price-to-earnings ratio of 13.01 and a beta of 0.95. Wells Fargo & Company has a 12 month low of $43.55 and a 12 month high of $59.99. The firm’s 50 day moving average price is $54.49 and its 200 day moving average price is $55.11.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.05. The business had revenue of $22.20 billion during the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $1.01 EPS. On average, equities research analysts predict that Wells Fargo & Company will post $4.17 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be issued a dividend of $0.39 per share. The ex-dividend date is Wednesday, August 2nd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.95%. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio (DPR) is currently 38.42%.
Wells Fargo & announced that its Board of Directors has initiated a share buyback 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 reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Several equities analysts recently weighed in on the company. BidaskClub upgraded Wells Fargo & from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 10th. BMO Capital Markets upgraded Wells Fargo & from an “underperform” rating to a “market perform” rating and lowered their target price for the company from $50.00 to $47.00 in a research report on Monday, July 31st. They noted that the move was a valuation call. Royal Bank Of Canada reiterated a “buy” rating and set a $60.00 target price on shares of Wells Fargo & in a research report on Friday, July 28th. Piper Jaffray Companies reiterated a “hold” rating on shares of Wells Fargo & in a research report on Sunday, July 30th. Finally, Keefe, Bruyette & Woods reiterated an “overweight” rating on shares of Wells Fargo & in a research report on Thursday, July 13th. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $55.87.
In other news, insider David M. Carroll sold 27,582 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $53.28, for a total transaction of $1,469,568.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Petros G. Pelos sold 24,708 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $54.07, for a total transaction of $1,335,961.56. The disclosure for this sale can be found here. Insiders have sold a total of 131,278 shares of company stock valued at $6,940,120 in the last 90 days. Insiders own 0.22% of the company’s stock.
About Wells Fargo &
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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