Weiss Multi Strategy Advisers LLC Takes Position in Wells Fargo & Company (NYSE:WFC)
Weiss Multi Strategy Advisers LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 14,637 shares of the financial services provider’s stock, valued at approximately $815,000.
Other institutional investors also recently added to or reduced their stakes in the company. MEMBERS Trust Co bought a new position in Wells Fargo & during the first quarter worth $360,000. Edmond DE Rothschild Holding S.A. raised its position in Wells Fargo & by 14.3% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 335,579 shares of the financial services provider’s stock worth $18,678,000 after buying an additional 41,990 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in Wells Fargo & by 3.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 14,311,805 shares of the financial services provider’s stock worth $796,596,000 after buying an additional 423,113 shares during the last quarter. Brown Advisory Securities LLC raised its position in Wells Fargo & by 8.9% in the first quarter. Brown Advisory Securities LLC now owns 52,841 shares of the financial services provider’s stock worth $2,946,000 after buying an additional 4,336 shares during the last quarter. Finally, Verity Asset Management Inc. bought a new position in Wells Fargo & during the first quarter worth $331,000. Institutional investors and hedge funds own 75.85% of the company’s stock.
Shares of Wells Fargo & Company (NYSE WFC) traded down 0.02% during mid-day trading on Friday, reaching $51.94. The company’s stock had a trading volume of 14,714,450 shares. The company has a market capitalization of $257.83 billion, a price-to-earnings ratio of 12.79 and a beta of 0.95. The firm’s 50 day moving average price is $54.25 and its 200-day moving average price is $55.00. Wells Fargo & Company has a 1-year low of $43.55 and a 1-year high of $59.99.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.05. The company 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%. Wells Fargo &’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter last year, the business earned $1.01 EPS. On average, analysts predict that Wells Fargo & Company will post $4.17 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Wednesday, August 2nd. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio (DPR) is 38.42%.
Wells Fargo & declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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A number of research firms have weighed in on WFC. BidaskClub lowered Wells Fargo & from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. BMO Capital Markets upgraded Wells Fargo & from an “underperform” rating to a “market perform” rating and cut their price target for the company from $50.00 to $47.00 in a research note on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies restated a “hold” rating on shares of Wells Fargo & in a research note on Sunday, July 30th. Royal Bank Of Canada restated a “buy” rating and issued a $60.00 price target on shares of Wells Fargo & in a research note on Friday, July 28th. Finally, Berenberg Bank lowered Wells Fargo & from a “hold” rating to a “sell” rating and lifted their price target for the company from $35.00 to $45.00 in a research note on Friday, July 21st. Six investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $55.87.
In other Wells Fargo & news, insider Mary T. Mack sold 38,988 shares of Wells Fargo & 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael J. Loughlin sold 20,000 shares of Wells Fargo & stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $52.16, for a total transaction of $1,043,200.00. Following the completion of the transaction, the insider now owns 7 shares in the company, valued at approximately $365.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 131,278 shares of company stock worth $6,940,120. 0.22% of the stock is owned by company insiders.
Wells Fargo & Company Profile
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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