Rosenbaum Jay D. reduced its stake in shares of Wells Fargo & Co (NYSE:WFC) by 3.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,985 shares of the financial services provider’s stock after selling 320 shares during the quarter. Rosenbaum Jay D.’s holdings in Wells Fargo & Co were worth $473,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Brand Asset Management Group Inc. grew its position in shares of Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 242 shares during the last quarter. Orrstown Financial Services Inc. grew its position in shares of Wells Fargo & Co by 125.9% in the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 287 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co in the second quarter valued at approximately $25,000. Horan Capital Advisors LLC. acquired a new stake in shares of Wells Fargo & Co in the first quarter valued at approximately $27,000. Finally, Nalls Sherbakoff Group LLC acquired a new stake in shares of Wells Fargo & Co in the fourth quarter valued at approximately $32,000. Institutional investors own 76.89% of the company’s stock.

Shares of WFC traded down $0.07 on Thursday, hitting $43.90. 618,278 shares of the stock traded hands, compared to its average volume of 22,285,064. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The stock has a market cap of $200.13 billion, a price-to-earnings ratio of 10.02, a P/E/G ratio of 0.88 and a beta of 1.08. The firm has a 50 day moving average price of $47.06. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $59.53.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.98 earnings per share. On average, sell-side analysts expect that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be paid a dividend of $0.51 per share. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.04 annualized dividend and a dividend yield of 4.65%. Wells Fargo & Co’s dividend payout ratio is presently 46.58%.

Wells Fargo & Co declared that its Board of Directors has initiated a stock repurchase plan on Thursday, June 27th that permits the company to buyback $23.10 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Several analysts have recently commented on the stock. UBS Group lowered their price target on shares of Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Wolfe Research lowered shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, July 10th. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. lowered their price target on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th. Finally, Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $54.00 to $47.00 in a research report on Wednesday, July 17th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. Wells Fargo & Co presently has a consensus rating of “Hold” and an average target price of $51.12.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

Further Reading: What does a hold rating mean?

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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