Argent Capital Management LLC reduced its position in shares of Wells Fargo & Co (NYSE:WFC) by 4.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 368,385 shares of the financial services provider’s stock after selling 18,585 shares during the quarter. Argent Capital Management LLC’s holdings in Wells Fargo & Co were worth $17,432,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the business. Evolution Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Co during the 2nd quarter valued at $25,000. Brand Asset Management Group Inc. boosted its holdings in 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 worth $31,000 after purchasing an additional 242 shares in the last quarter. Next Capital Management LLC bought a new stake in Wells Fargo & Co in the second quarter worth $32,000. Global Trust Asset Management LLC boosted its holdings in Wells Fargo & Co by 643.0% in the second quarter. Global Trust Asset Management LLC now owns 5,506 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 4,765 shares in the last quarter. Finally, Meridian Wealth Management LLC bought a new stake in Wells Fargo & Co in the first quarter worth $50,000. 75.29% of the stock is currently owned by institutional investors.
WFC stock traded down $0.28 during mid-day trading on Friday, reaching $48.63. 30,254,595 shares of the stock traded hands, compared to its average volume of 18,337,244. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $55.81. The business has a 50-day moving average of $46.53 and a two-hundred day moving average of $47.23. The firm has a market capitalization of $215.50 billion, a PE ratio of 11.10, a P/E/G ratio of 0.96 and a beta of 1.09.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating 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 company had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same period in the prior year, the company earned $0.98 earnings per share. The business’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities research analysts anticipate that Wells Fargo & Co will post 4.78 EPS for the current fiscal year.
Wells Fargo & Co announced that its board has initiated a share buyback plan on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 4.19%. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is 46.58%.
WFC has been the subject of a number of recent research reports. Atlantic Securities cut shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective for the company. in a report on Tuesday, June 11th. Buckingham Research decreased their price objective on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Zacks Investment Research cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price objective for the company. in a report on Thursday, June 27th. Odeon Capital Group upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Five research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the company’s stock. Wells Fargo & Co presently has an average rating of “Hold” and a consensus target price of $50.74.
Wells Fargo & Co Company 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.
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