Meridian Investment Counsel Inc. lowered its position in Wells Fargo & Co (NYSE:WFC) by 3.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 17,293 shares of the financial services provider’s stock after selling 618 shares during the period. Meridian Investment Counsel Inc.’s holdings in Wells Fargo & Co were worth $818,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of WFC. Evolution Wealth Advisors LLC bought a new position in Wells Fargo & Co in the 2nd quarter worth $25,000. Horan Capital Advisors LLC. bought a new position in shares of Wells Fargo & Co during the 1st quarter valued at about $27,000. Brand Asset Management Group Inc. boosted its holdings in shares of Wells Fargo & Co by 96.8% during the 1st 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. Next Capital Management LLC bought a new position in shares of Wells Fargo & Co during the 2nd quarter valued at about $32,000. Finally, Financial Gravity Wealth Inc. bought a new position in shares of Wells Fargo & Co during the 1st quarter valued at about $37,000. 75.40% of the stock is owned by institutional investors.
Shares of NYSE WFC traded up $0.02 during mid-day trading on Thursday, hitting $48.87. 828,100 shares of the company’s stock traded hands, compared to its average volume of 20,564,305. The company’s 50-day moving average is $46.50 and its two-hundred day moving average is $47.26. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. The company has a market capitalization of $213.30 billion, a P/E ratio of 11.16, a PEG ratio of 0.94 and a beta of 1.09. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $57.39.
The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 4.17%. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.
Wells Fargo & Co announced that its Board of Directors has initiated a stock 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 repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
Several research analysts have commented on WFC shares. Wolfe Research downgraded shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Morgan Stanley dropped their price objective on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a report on Wednesday, July 17th. Deutsche Bank set a $44.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. Citigroup downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $56.00 to $51.00 in a report on Friday, July 12th. Finally, Zacks Investment Research downgraded 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. Five equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target 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.
Further Reading: Rule of 72
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