Wright Investors Service Inc. lessened its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 70.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,544 shares of the financial services provider’s stock after selling 27,425 shares during the quarter. Wright Investors Service Inc.’s holdings in Wells Fargo & Co were worth $546,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Daily Journal Corp raised its holdings in shares of Wells Fargo & Co by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after acquiring an additional 157,588,200 shares during the period. Geode Capital Management LLC raised its holdings in shares of Wells Fargo & Co by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock worth $2,375,189,000 after acquiring an additional 2,114,810 shares during the period. Norges Bank purchased a new position in shares of Wells Fargo & Co during the 4th quarter worth $2,004,580,000. Legal & General Group Plc raised its holdings in shares of Wells Fargo & Co by 4.9% during the 4th quarter. Legal & General Group Plc now owns 20,391,629 shares of the financial services provider’s stock worth $939,635,000 after acquiring an additional 947,264 shares during the period. Finally, Sanders Capital LLC raised its holdings in shares of Wells Fargo & Co by 2.9% during the 2nd quarter. Sanders Capital LLC now owns 17,546,738 shares of the financial services provider’s stock worth $915,731,000 after acquiring an additional 487,700 shares during the period. Institutional investors and hedge funds own 76.89% of the company’s stock.

WFC traded down $0.07 on Thursday, hitting $43.90. The company had a trading volume of 11,380,258 shares, compared to its average volume of 22,285,064. 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. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $59.53. The stock’s fifty day simple moving average is $47.06. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89.

Wells Fargo & Co (NYSE:WFC) last issued 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 firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. Wells Fargo & Co’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 EPS. On average, equities research analysts predict that Wells Fargo & Co will post 4.8 EPS for the current year.

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

Wells Fargo & Co announced that its Board of Directors has initiated a share buyback program on Thursday, June 27th that allows the company to buyback $23.10 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

WFC has been the topic of several analyst reports. Deutsche Bank set a $44.00 price target on Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 26th. Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target on the stock. in a report on Thursday, June 27th. Odeon Capital Group upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. reduced their price target on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a report on Tuesday, July 9th. Finally, Atlantic Securities lowered Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target on the stock. in a report on Tuesday, June 11th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $51.12.

Wells Fargo & Co Profile

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.

Read More: Price to Earnings Ratio (PE) Basics

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

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