Brown Advisory Securities LLC Increases Stake in Wells Fargo & Company (WFC)
Brown Advisory Securities LLC raised its stake in Wells Fargo & Company (NYSE:WFC) by 8.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 52,841 shares of the financial services provider’s stock after buying an additional 4,336 shares during the period. Brown Advisory Securities LLC’s holdings in Wells Fargo & were worth $2,946,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the company. Cigna Investments Inc. New acquired a new position in shares of Wells Fargo & during the fourth quarter valued at $9,529,000. Round Hill Asset Management acquired a new position in shares of Wells Fargo & during the fourth quarter valued at $1,845,000. Shepherd Financial Partners LLC acquired a new position in shares of Wells Fargo & during the fourth quarter valued at $1,655,000. Biegel & Waller LLC acquired a new position in shares of Wells Fargo & during the fourth quarter valued at $279,000. Finally, Cypress Wealth Advisors LLC boosted its position in shares of Wells Fargo & by 3.9% in the fourth quarter. Cypress Wealth Advisors LLC now owns 18,016 shares of the financial services provider’s stock valued at $993,000 after buying an additional 671 shares in the last quarter. 75.85% of the stock is owned by institutional investors.
Wells Fargo & Company (NYSE WFC) traded down 0.388% during mid-day trading on Thursday, hitting $52.585. The stock had a trading volume of 2,757,720 shares. The company’s 50 day moving average price is $54.30 and its 200 day moving average price is $55.04. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99. The firm has a market cap of $261.03 billion, a PE ratio of 12.952 and a beta of 0.95.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 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 analyst estimates of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The company’s revenue was up .2% on a year-over-year basis. During the same period in the prior year, the company earned $1.01 EPS. Analysts anticipate that Wells Fargo & Company will post $4.17 earnings per share for the current year.
Wells Fargo & declared that its board has initiated a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be given a dividend of $0.39 per share. 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 annualized dividend and a dividend yield of 2.96%. Wells Fargo &’s dividend payout ratio is 38.42%.
Several equities analysts recently weighed in on WFC shares. Rafferty Capital Markets cut shares of Wells Fargo & from a “hold” rating to a “sell” rating and decreased their target price for the company from $62.00 to $54.50 in a research note on Wednesday, April 12th. Credit Suisse Group reissued an “outperform” rating and issued a $40.00 target price (up from $36.00) on shares of Wells Fargo & in a research note on Friday, April 14th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $40.00 target price (up from $35.00) on shares of Wells Fargo & in a research note on Friday, April 14th. Piper Jaffray Companies decreased their target price on shares of Wells Fargo & from $55.00 to $52.00 and set a “neutral” rating for the company in a research note on Tuesday, April 18th. Finally, Evercore ISI reissued an “outperform” rating and issued a $64.00 target price on shares of Wells Fargo & in a research note on Tuesday, April 18th. Six analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $55.87.
In other news, insider Hope A. Hardison sold 20,000 shares of the stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $52.07, for a total transaction of $1,041,400.00. Following the transaction, the insider now directly owns 109 shares in the company, valued at approximately $5,675.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David M. Carroll sold 27,582 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $53.28, for a total value of $1,469,568.96. The disclosure for this sale can be found here. Insiders have sold a total of 131,278 shares of company stock worth $6,940,120 over the last quarter. Corporate 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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