Strategic Global Advisors LLC Has $288,000 Position in Wells Fargo & Company (WFC)
Strategic Global Advisors LLC maintained its stake in Wells Fargo & Company (NYSE:WFC) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,174 shares of the financial services provider’s stock at the end of the first quarter. Strategic Global Advisors LLC’s holdings in Wells Fargo & were worth $288,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in WFC. Dodge & Cox purchased a new stake in Wells Fargo & during the fourth quarter worth approximately $3,942,119,000. Norges Bank purchased a new stake in Wells Fargo & during the fourth quarter worth approximately $2,800,566,000. Harris Associates L P increased its stake in Wells Fargo & by 1.2% in the first quarter. Harris Associates L P now owns 23,796,125 shares of the financial services provider’s stock worth $1,324,492,000 after buying an additional 286,710 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Wells Fargo & by 0.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,415,854 shares of the financial services provider’s stock worth $746,726,000 after buying an additional 93,236 shares during the last quarter. Finally, Teachers Advisors LLC increased its stake in Wells Fargo & by 1.2% in the fourth quarter. Teachers Advisors LLC now owns 11,122,633 shares of the financial services provider’s stock worth $612,968,000 after buying an additional 134,282 shares during the last quarter. Institutional investors and hedge funds own 75.85% of the company’s stock.
Shares of Wells Fargo & Company (WFC) traded down 0.70% during midday trading on Wednesday, hitting $52.34. 1,643,988 shares of the company’s stock traded hands. The firm has a market capitalization of $259.96 billion, a price-to-earnings ratio of 12.89 and a beta of 0.95. Wells Fargo & Company has a 1-year low of $43.55 and a 1-year high of $59.99. The company has a 50 day moving average price of $54.40 and a 200 day moving average price of $55.07.
Wells Fargo & (NYSE:WFC) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.05. The firm had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The company’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.01 earnings per share. Equities analysts anticipate that Wells Fargo & Company will post $4.17 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be given a $0.39 dividend. The ex-dividend date is Wednesday, August 2nd. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 2.96%. Wells Fargo &’s payout ratio is 38.42%.
Wells Fargo & declared that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of analysts have recently commented on WFC shares. Berenberg Bank downgraded Wells Fargo & from a “hold” rating to a “sell” rating and upped their price objective for the stock from $35.00 to $45.00 in a report on Friday, July 21st. Vining Sparks upgraded Wells Fargo & to a “strong-buy” rating and set a $65.00 price objective for the company in a report on Thursday, April 27th. Evercore ISI restated an “outperform” rating and set a $64.00 price objective on shares of Wells Fargo & in a report on Tuesday, April 18th. Keefe, Bruyette & Woods restated an “overweight” rating on shares of Wells Fargo & in a report on Thursday, July 13th. Finally, Buckingham Research restated 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. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Wells Fargo & has a consensus rating of “Hold” and a consensus price target of $55.87.
In other Wells Fargo & news, insider Petros G. Pelos sold 24,708 shares of the business’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $54.07, for a total value of $1,335,961.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider David M. Carroll sold 27,582 shares of the business’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $53.28, for a total transaction of $1,469,568.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 131,278 shares of company stock worth $6,940,120. Company 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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