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Fruth Investment Management reduced its position in Wells Fargo & Company (NYSE:WFC) by 11.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,242 shares of the financial services provider’s stock after selling 1,200 shares during the period. Fruth Investment Management’s holdings in Wells Fargo & were worth $512,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in WFC. Moloney Securities Asset Management LLC bought a new position in Wells Fargo & during the fourth quarter valued at approximately $774,000. Glassman Wealth Services increased its stake in Wells Fargo & by 3.1% in the fourth quarter. Glassman Wealth Services now owns 15,956 shares of the financial services provider’s stock worth $879,000 after buying an additional 474 shares during the last quarter. Billings Capital Management LLC increased its stake in Wells Fargo & by 5.8% in the fourth quarter. Billings Capital Management LLC now owns 68,824 shares of the financial services provider’s stock worth $3,793,000 after buying an additional 3,781 shares during the last quarter. Cheviot Value Management LLC purchased a new position in Wells Fargo & during the fourth quarter worth $341,000. Finally, Janus Capital Management LLC boosted its position in Wells Fargo & by 6.4% in the fourth quarter. Janus Capital Management LLC now owns 4,637,848 shares of the financial services provider’s stock worth $255,592,000 after buying an additional 278,612 shares during the period. 75.85% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Wells Fargo & Company (NYSE:WFC) opened at 51.94 on Friday. The firm has a market cap of $257.83 billion, a PE ratio of 12.79 and a beta of 0.95. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99. The stock’s 50 day moving average is $54.25 and its 200-day moving average is $55.00.
Wells Fargo & (NYSE:WFC) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The business had revenue of $22.20 billion during the quarter, compared to analysts’ expectations of $22.23 billion. During the same quarter in the prior year, the business earned $1.01 earnings per share. The company’s quarterly revenue was up .2% compared to the same quarter last year. On average, equities analysts predict that Wells Fargo & Company will post $4.17 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Wednesday, August 2nd. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio is 38.42%.
Wells Fargo & declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $11.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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WFC has been the topic of a number of research analyst reports. Vining Sparks upgraded shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 price target on the stock in a report on Thursday, April 27th. Jefferies Group LLC reiterated a “hold” rating and set a $62.00 target price on shares of Wells Fargo & in a report on Monday, May 8th. Deutsche Bank AG reiterated a “buy” rating on shares of Wells Fargo & in a report on Monday, July 3rd. Vetr cut shares of Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 target price on the stock. in a report on Thursday, May 4th. Finally, Berenberg Bank cut shares of Wells Fargo & from a “hold” rating to a “sell” rating and increased their target price for the stock from $35.00 to $45.00 in a report on Friday, July 21st. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $55.87.
In other news, insider Michael J. Loughlin sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $52.16, for a total transaction of $1,043,200.00. Following the completion of the sale, the insider now owns 7 shares in the company, valued at $365.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Petros G. Pelos sold 24,708 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $54.07, for a total value of $1,335,961.56. The disclosure for this sale can be found here. Insiders have sold 131,278 shares of company stock valued at $6,940,120 in the last 90 days. Company insiders own 0.22% of the company’s stock.
About Wells Fargo &
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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