Logan Capital Management Inc. Has $852,000 Stake in Wells Fargo & Company (NYSE:WFC)
Logan Capital Management Inc. lowered its stake in Wells Fargo & Company (NYSE:WFC) by 95.7% during the first quarter, Holdings Channel reports. The institutional investor owned 15,312 shares of the financial services provider’s stock after selling 344,914 shares during the period. Logan Capital Management Inc.’s holdings in Wells Fargo & were worth $852,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Alexandria Capital LLC boosted its stake 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 in the last quarter. Winch Advisory Services LLC raised its position in shares of Wells Fargo & by 0.7% in the first quarter. Winch Advisory Services LLC now owns 2,756 shares of the financial services provider’s stock valued at $153,000 after buying an additional 18 shares during the last quarter. Jackson Grant Investment Advisers Inc. raised its position in shares of Wells Fargo & by 0.5% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 4,928 shares of the financial services provider’s stock valued at $274,000 after buying an additional 24 shares during the last quarter. Keystone Financial Planning Inc. raised its position in shares of Wells Fargo & by 0.6% in the first quarter. Keystone Financial Planning Inc. now owns 6,755 shares of the financial services provider’s stock valued at $376,000 after buying an additional 39 shares during the last quarter. Finally, Advantage Investment Management LLC raised its position in shares of Wells Fargo & by 0.3% in the first quarter. Advantage Investment Management LLC now owns 19,991 shares of the financial services provider’s stock valued at $1,113,000 after buying an additional 60 shares during the last quarter. 75.85% of the stock is currently owned by institutional investors.
Wells Fargo & Company (WFC) traded down 0.21% on Friday, reaching $51.84. The company’s stock had a trading volume of 3,837,548 shares. The company has a market cap of $257.33 billion, a P/E ratio of 12.77 and a beta of 0.95. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99. The firm’s 50-day moving average price is $54.27 and its 200 day moving average price is $55.02.
Wells Fargo & (NYSE:WFC) last released its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.05. The company had revenue of $22.20 billion during 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%. Wells Fargo &’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the prior year, the company posted $1.01 earnings per share. Equities analysts anticipate that Wells Fargo & Company will post $4.17 EPS for the current fiscal year.
Wells Fargo & declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $11.50 billion in shares. This buyback authorization permits the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.00%. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date is Wednesday, August 2nd. Wells Fargo &’s dividend payout ratio is 38.42%.
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Several research analysts recently commented on the stock. BidaskClub lowered shares of Wells Fargo & from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. BMO Capital Markets raised shares of Wells Fargo & from an “underperform” rating to a “market perform” rating and lowered their price objective 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. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Wells Fargo & in a research report on Sunday, July 30th. Royal Bank Of Canada reissued a “buy” rating and set a $60.00 price target on shares of Wells Fargo & in a research report on Friday, July 28th. Finally, Berenberg Bank downgraded shares of Wells Fargo & from a “hold” rating to a “sell” rating and raised their price target for the stock from $35.00 to $45.00 in a research report on Friday, July 21st. Six equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $55.87.
In other Wells Fargo & news, insider Hope A. Hardison sold 20,000 shares of the stock in a transaction on 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 completion of the transaction, the insider now directly owns 109 shares of the company’s stock, valued at $5,675.63. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mary T. Mack sold 38,988 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $52.58, for a total value of $2,049,989.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 131,278 shares of company stock valued at $6,940,120. 0.22% of the stock is owned by corporate insiders.
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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