Meristem Family Wealth LLC Has $1.94 Million Stake in Wells Fargo & Co (NYSE:WFC)
Meristem Family Wealth LLC boosted its holdings in Wells Fargo & Co (NYSE:WFC) by 17.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,984 shares of the financial services provider’s stock after purchasing an additional 6,204 shares during the quarter. Meristem Family Wealth LLC’s holdings in Wells Fargo & Co were worth $1,939,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of WFC. Brand Asset Management Group Inc. raised its position in shares of Wells Fargo & Co by 96.8% in the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after buying an additional 242 shares in the last quarter. Orrstown Financial Services Inc. raised its position in shares of Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after buying an additional 287 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Co in the 2nd quarter valued at approximately $25,000. Horan Capital Advisors LLC. acquired a new position in shares of Wells Fargo & Co in the 1st quarter valued at approximately $27,000. Finally, Next Capital Management LLC acquired a new position in shares of Wells Fargo & Co in the 2nd quarter valued at approximately $32,000. Institutional investors and hedge funds own 76.34% of the company’s stock.
Several brokerages have recently commented on WFC. Deutsche Bank set a $44.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 26th. Atlantic Securities lowered shares of 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. Citigroup lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price target for the company from $56.00 to $51.00 in a report on Friday, July 12th. Odeon Capital Group raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, Wolfe Research lowered shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the stock. Wells Fargo & Co currently has a consensus rating of “Hold” and an average target price of $51.12.
Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same period in the previous year, the firm posted $0.98 EPS. The company’s revenue for the quarter was up .1% compared to the same quarter last year. Sell-side analysts expect that Wells Fargo & Co will post 4.8 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be given a $0.51 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.57%. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s payout ratio is 46.58%.
Wells Fargo & Co declared that its Board of Directors has initiated a share buyback program on Thursday, June 27th that permits the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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: Reverse Stock Split
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