Notis McConarty Edward Lowers Stake in Wells Fargo & Company (WFC)
Notis McConarty Edward decreased its stake in Wells Fargo & Company (NYSE:WFC) by 34.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,577 shares of the financial services provider’s stock after selling 9,679 shares during the period. Notis McConarty Edward’s holdings in Wells Fargo & were worth $1,034,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of WFC. Sowell Financial Services LLC bought a new position in shares of Wells Fargo & during the fourth quarter valued at about $2,917,000. Oberweis Asset Management Inc. bought a new position in shares of Wells Fargo & during the fourth quarter valued at about $205,000. Numeric Investors LLC increased its position in shares of Wells Fargo & by 271.4% in the fourth quarter. Numeric Investors LLC now owns 194,600 shares of the financial services provider’s stock valued at $10,724,000 after buying an additional 142,200 shares in the last quarter. PagnatoKarp Partners LLC bought a new position in shares of Wells Fargo & during the fourth quarter valued at about $647,000. Finally, Advantage Investment Management LLC bought a new position in shares of Wells Fargo & during the fourth quarter valued at about $1,098,000. Hedge funds and other institutional investors own 75.85% of the company’s stock.
Wells Fargo & Company (NYSE WFC) traded down 0.02% during trading on Friday, reaching $51.94. 14,714,450 shares of the company’s stock were exchanged. The company’s 50-day moving average is $54.25 and its 200-day moving average is $55.00. The company has a market capitalization of $257.83 billion, a PE ratio of 12.79 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.
Wells Fargo & (NYSE:WFC) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The business had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. During the same period last year, the business posted $1.01 EPS. Wells Fargo &’s revenue was up .2% compared to the same quarter last year. Equities research analysts expect that Wells Fargo & Company will post $4.17 earnings per share for the current fiscal year.
Wells Fargo & declared that its board has initiated a share repurchase 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 repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be paid a $0.39 dividend. 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. This represents a $1.56 dividend on an annualized basis and a yield of 3.00%. Wells Fargo &’s dividend payout ratio (DPR) is presently 38.42%.
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Several brokerages recently issued reports on WFC. Deutsche Bank AG restated a “buy” rating on shares of Wells Fargo & in a research report on Monday, July 3rd. Zacks Investment Research upgraded Wells Fargo & from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. Buckingham Research restated a “neutral” rating and set a $62.00 price objective (up from $60.00) on shares of Wells Fargo & in a research report on Monday, July 10th. Vetr downgraded Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 price objective for the company. in a research report on Thursday, May 4th. Finally, Keefe, Bruyette & Woods restated an “overweight” rating on shares of Wells Fargo & in a research report on Thursday, July 13th. Six equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $55.87.
In related news, insider David M. Carroll sold 27,582 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $53.28, for a total value of $1,469,568.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Petros G. Pelos sold 24,708 shares of the firm’s stock in a transaction on Monday, June 12th. The shares were 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 sold a total of 131,278 shares of company stock worth $6,940,120 over the last quarter. 0.22% of the stock is currently 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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