Occidental Asset Management LLC lessened its position in Wells Fargo & Co (NYSE:WFC) by 9.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,944 shares of the financial services provider’s stock after selling 1,013 shares during the period. Occidental Asset Management LLC’s holdings in Wells Fargo & Co were worth $471,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Orrstown Financial Services Inc. raised its stake 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 worth $25,000 after buying an additional 287 shares in the last quarter. Evolution Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Co in the 2nd quarter worth $25,000. Horan Capital Advisors LLC. bought a new stake in shares of Wells Fargo & Co in the 1st quarter worth $27,000. Brand Asset Management Group Inc. raised its stake 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 worth $31,000 after buying an additional 242 shares in the last quarter. Finally, Nalls Sherbakoff Group LLC bought a new stake in shares of Wells Fargo & Co in the 4th quarter worth $32,000. 76.89% of the stock is currently owned by institutional investors.
Shares of WFC stock traded down $0.58 on Thursday, reaching $43.39. 932,670 shares of the company’s stock traded hands, compared to its average volume of 22,285,064. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $59.53. 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 company has a market capitalization of $200.13 billion, a P/E ratio of 9.91, a P/E/G ratio of 0.88 and a beta of 1.08. The company has a 50 day moving average of $47.06.
Wells Fargo & Co declared that its Board of Directors has authorized a share repurchase plan 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 buy up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be issued 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 dividend on an annualized basis and a dividend yield of 4.70%. Wells Fargo & Co’s payout ratio is currently 46.58%.
A number of analysts have recently commented on WFC shares. JPMorgan Chase & Co. dropped their price objective on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th. Buckingham Research decreased their target price on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Wolfe Research cut Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 target price on the stock. in a report on Thursday, June 27th. Finally, Deutsche Bank set a $44.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 26th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus 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.
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