Wells Fargo & Company (WFC) Stake Raised by Sentinel Trust Co. LBA
Sentinel Trust Co. LBA boosted its position in Wells Fargo & Company (NYSE:WFC) by 13.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,241 shares of the financial services provider’s stock after buying an additional 7,339 shares during the period. Sentinel Trust Co. LBA’s holdings in Wells Fargo & were worth $3,393,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Pinnacle Financial Partners Inc. raised its stake in Wells Fargo & by 30.1% in the fourth quarter. Pinnacle Financial Partners Inc. now owns 139,633 shares of the financial services provider’s stock worth $7,695,000 after buying an additional 32,291 shares during the period. Empire Life Investments Inc. purchased a new stake in Wells Fargo & during the fourth quarter worth $93,948,000. Lebenthal Asset Management LLC raised its stake in Wells Fargo & by 5.2% in the fourth quarter. Lebenthal Asset Management LLC now owns 194,571 shares of the financial services provider’s stock worth $10,723,000 after buying an additional 9,596 shares during the period. Archford Capital Strategies LLC raised its stake in Wells Fargo & by 3.9% in the fourth quarter. Archford Capital Strategies LLC now owns 26,290 shares of the financial services provider’s stock worth $1,448,000 after buying an additional 996 shares during the period. Finally, LeJeune Puetz Investment Counsel LLC purchased a new stake in Wells Fargo & during the fourth quarter worth $470,000. 75.85% of the stock is currently owned by institutional investors.
Wells Fargo & Company (WFC) traded down 0.02% during midday trading on Friday, hitting $51.94. 14,714,450 shares of the stock traded hands. The company has a 50-day moving average price of $54.25 and a 200 day moving average price of $55.00. The stock has a market cap of $257.83 billion, a price-to-earnings ratio of 12.79 and a beta of 0.95. Wells Fargo & Company has a one year low of $43.55 and a one year high of $59.99.
Wells Fargo & (NYSE:WFC) last issued 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. 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 during the quarter, compared to analysts’ expectations of $22.23 billion. During the same quarter in the prior year, the business posted $1.01 EPS. The company’s revenue for the quarter was up .2% on a year-over-year basis. Equities research analysts anticipate that Wells Fargo & Company will post $4.17 earnings per share for the current year.
Wells Fargo & declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in 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 often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be issued a $0.39 dividend. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $1.56 annualized dividend and a dividend yield of 3.00%. Wells Fargo &’s dividend payout ratio is presently 38.42%.
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A number of analysts recently weighed in on WFC shares. Piper Jaffray Companies reduced their price objective on shares of Wells Fargo & from $55.00 to $52.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 18th. Evercore ISI reissued an “outperform” rating and issued a $64.00 price objective on shares of Wells Fargo & in a research report on Tuesday, April 18th. Instinet reduced their price objective on shares of Wells Fargo & from $65.00 to $64.00 and set a “buy” rating on the stock in a research report on Wednesday, April 19th. Guggenheim raised shares of Wells Fargo & from a “sell” rating to a “neutral” rating and reduced their price objective for the stock from $54.04 to $53.65 in a research report on Tuesday, April 25th. Finally, Vining Sparks raised shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 price objective on the stock in a research report on Thursday, April 27th. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $55.87.
In other news, insider David M. Carroll sold 27,582 shares of the company’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Hope A. Hardison sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 7th. The shares were 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 owns 109 shares of the company’s stock, valued at approximately $5,675.63. The disclosure for this sale can be found here. In the last 90 days, insiders sold 131,278 shares of company stock valued at $6,940,120. Company insiders own 0.22% of the company’s stock.
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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