SWS Partners Takes Position in Wells Fargo & Co (NYSE:WFC)

SWS Partners bought a new stake in shares of Wells Fargo & Co (NYSE:WFC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 47,128 shares of the financial services provider’s stock, valued at approximately $1,143,000. Wells Fargo & Co makes up about 1.5% of SWS Partners’ investment portfolio, making the stock its 26th biggest position.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Integrated Advisors Network LLC increased its holdings in Wells Fargo & Co by 233.6% in the 2nd quarter. Integrated Advisors Network LLC now owns 63,902 shares of the financial services provider’s stock worth $1,636,000 after acquiring an additional 44,749 shares in the last quarter. Sprucegrove Investment Management Ltd. boosted its stake in Wells Fargo & Co by 13.4% during the 2nd quarter. Sprucegrove Investment Management Ltd. now owns 832,160 shares of the financial services provider’s stock worth $21,303,000 after purchasing an additional 98,600 shares during the last quarter. Formidable Asset Management LLC acquired a new stake in Wells Fargo & Co during the 2nd quarter worth $524,000. FIL Ltd boosted its stake in Wells Fargo & Co by 65.9% during the 2nd quarter. FIL Ltd now owns 9,766,788 shares of the financial services provider’s stock worth $250,030,000 after purchasing an additional 3,878,204 shares during the last quarter. Finally, Marshall Wace North America L.P. boosted its stake in Wells Fargo & Co by 56.1% during the 2nd quarter. Marshall Wace North America L.P. now owns 4,145,294 shares of the financial services provider’s stock worth $106,120,000 after purchasing an additional 1,489,166 shares during the last quarter. 67.25% of the stock is owned by institutional investors.

NYSE WFC traded down $0.05 during trading hours on Thursday, reaching $24.52. The company had a trading volume of 42,253,895 shares, compared to its average volume of 41,279,410. The stock has a 50-day moving average of $24.84 and a 200 day moving average of $28.90. Wells Fargo & Co has a 1-year low of $22.00 and a 1-year high of $54.75. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.45. The stock has a market capitalization of $99.09 billion, a P/E ratio of 28.30, a price-to-earnings-growth ratio of 123.91 and a beta of 1.08.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Tuesday, July 14th. The financial services provider reported ($0.66) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.50). The company had revenue of $17.80 billion during the quarter, compared to analyst estimates of $18.30 billion. Wells Fargo & Co had a net margin of 6.26% and a return on equity of 4.33%. The company’s quarterly revenue was down 17.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.30 EPS. As a group, sell-side analysts predict that Wells Fargo & Co will post 0.02 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.63%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 9.13%.

Several equities research analysts have issued reports on WFC shares. JPMorgan Chase & Co. cut shares of Wells Fargo & Co to a “sell” rating in a research note on Wednesday, July 15th. DA Davidson started coverage on shares of Wells Fargo & Co in a research note on Thursday, May 28th. They set a “neutral” rating and a $27.00 target price on the stock. Oppenheimer reaffirmed a “hold” rating on shares of Wells Fargo & Co in a research note on Tuesday, July 14th. Barclays lowered their target price on shares of Wells Fargo & Co from $40.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 15th. Finally, Royal Bank of Canada lowered their target price on shares of Wells Fargo & Co from $29.00 to $25.00 and set an “underperform” rating on the stock in a research note on Wednesday, July 15th. Four research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $33.31.

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.

Read More: How Does the Quiet Period Work?

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).

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

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit