Spectrum Asset Management Inc. NB CA cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 62.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,245 shares of the financial services provider’s stock after selling 28,768 shares during the quarter. Spectrum Asset Management Inc. NB CA’s holdings in Wells Fargo & Company were worth $781,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Centerpoint Advisors LLC acquired a new position in shares of Wells Fargo & Company in the 2nd quarter worth approximately $25,000. Loomis Sayles & Co. L P bought a new stake in Wells Fargo & Company during the 1st quarter valued at $27,000. MV Capital Management Inc. increased its stake in Wells Fargo & Company by 561.5% during the 2nd quarter. MV Capital Management Inc. now owns 602 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 511 shares in the last quarter. Isthmus Partners LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $27,000. Finally, Holloway Wealth Management LLC grew its position in Wells Fargo & Company by 547.0% during the second quarter. Holloway Wealth Management LLC now owns 647 shares of the financial services provider’s stock valued at $29,000 after buying an additional 547 shares during the period. 70.82% of the stock is currently owned by institutional investors.
Several research firms have commented on WFC. UBS Group reaffirmed a “neutral” rating and set a $47.00 price objective (up from $40.00) on shares of Wells Fargo & Company in a report on Tuesday, May 25th. Keefe, Bruyette & Woods began coverage on shares of Wells Fargo & Company in a report on Wednesday, July 7th. They set an “outperform” rating and a $57.00 price objective on the stock. Raymond James upped their price objective on shares of Wells Fargo & Company from $52.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, August 26th. TheStreet downgraded shares of Wells Fargo & Company from a “b” rating to a “c+” rating in a research note on Friday, July 30th. Finally, Barclays raised their target price on shares of Wells Fargo & Company from $46.00 to $50.00 and gave the company an “equal weight” rating in a research note on Thursday, July 15th. Eight analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $47.52.
Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 13th. The financial services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $0.98 by $0.40. The business had revenue of $20.27 billion during the quarter, compared to analyst estimates of $17.69 billion. Wells Fargo & Company had a return on equity of 9.85% and a net margin of 19.79%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.66) earnings per share. As a group, research analysts anticipate that Wells Fargo & Company will post 4.37 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Friday, August 6th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend was Thursday, August 5th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.10. Wells Fargo & Company’s payout ratio is currently 145.45%.
Wells Fargo & Company Profile
Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.
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